{smcl}
{txt}{sf}{ul off}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}/Users/raminbaghai/Desktop/RFS dataverse/output/log_teams.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}21 Feb 2024, 11:48:31
{txt}
{com}. set more off
{txt}
{com}. 
. ** Basic summary stats for draft
. use "$datafolder/main_dataset.dta", clear
{txt}(Patents granted through 2006)

{com}. * number of firms in sample (Section 2.1)
. codebook combid if t_1_3==1  // 951

{txt}{hline}
{res}combid{right:Current firm ID}
{txt}{hline}

{col 19}Type: Numeric ({res}double{txt})

{col 18}Range: [{res}1045{txt},{res}1460544{txt}]{col 55}Units: {res}1
{col 10}{txt}Unique values: {res}951{col 51}{txt}Missing .: {res}0{txt}/{res}15,957

{txt}{col 19}Mean: {res}{ralign 6:214789}
{txt}{col 14}Std. dev.: {res}{ralign 6:420680}

{txt}{col 12}Percentiles: {col 25}{ralign 6:10%}{ralign 10:25%}{ralign 10:50%}{ralign 10:75%}{ralign 10:90%}
{res}{col 25}{ralign 6:4061}{ralign 10:    5073}{ralign 10:   13479}{ralign 10:  118122}{ralign 10: 1.1e+06}
{txt}
{com}. codebook combid if t_1_3==1 & combid<1000000  // 588 

{txt}{hline}
{res}combid{right:Current firm ID}
{txt}{hline}

{col 19}Type: Numeric ({res}double{txt})

{col 18}Range: [{res}1045{txt},{res}284041{txt}]{col 55}Units: {res}1
{col 10}{txt}Unique values: {res}588{col 51}{txt}Missing .: {res}0{txt}/{res}13,613

{txt}{col 19}Mean: {res}{ralign 7:42883.1}
{txt}{col 14}Std. dev.: {res}{ralign 7:55337.3}

{txt}{col 12}Percentiles: {col 25}{ralign 7:10%}{ralign 10:25%}{ralign 10:50%}{ralign 10:75%}{ralign 10:90%}
{res}{col 25}{ralign 7:4061}{ralign 10:    5073}{ralign 10:   10482}{ralign 10:  110766}{ralign 10:  136648}
{txt}
{com}. codebook combid if t_1_3==1 & combid>1000000  // 363

{txt}{hline}
{res}combid{right:Current firm ID}
{txt}{hline}

{col 19}Type: Numeric ({res}double{txt})

{col 18}Range: [{res}1000029{txt},{res}1460544{txt}]{col 55}Units: {res}1
{col 10}{txt}Unique values: {res}363{col 51}{txt}Missing .: {res}0{txt}/{res}2,344

{txt}{col 19}Mean: {res}{ralign 7:1.2e+06}
{txt}{col 14}Std. dev.: {res}{ralign 7:136227}

{txt}{col 12}Percentiles: {col 25}{ralign 7:10%}{ralign 10:25%}{ralign 10:50%}{ralign 10:75%}{ralign 10:90%}
{res}{col 25}{ralign 7:1.0e+06}{ralign 10: 1.1e+06}{ralign 10: 1.2e+06}{ralign 10: 1.3e+06}{ralign 10: 1.4e+06}
{txt}
{com}. unique firmbankt if outcome_indep==1 & year>=1980 & year<=2015 & chapterPrior ==0
{txt}Number of unique values of firmbankt is  {res}221
{txt}Number of records is  {res}112754
{txt}
{com}. unique firmbankt if outcome_fbuy==1 & year>=1980 & year<=2015 & chapterPrior ==0 
{txt}Number of unique values of firmbankt is  {res}36
{txt}Number of records is  {res}8428
{txt}
{com}. unique firmbankt if outcome_obuy==1 & year>=1980 & year<=2015 & chapterPrior ==0 
{txt}Number of unique values of firmbankt is  {res}91
{txt}Number of records is  {res}20933
{txt}
{com}. unique firmbankt if outcome_liq==1 & year>=1980 & year<=2015 & chapterPrior ==0 
{txt}Number of unique values of firmbankt is  {res}178
{txt}Number of records is  {res}47062
{txt}
{com}. 
. ** Figure 1
. use "$datafolder/main_dataset.dta", clear
{txt}(Patents granted through 2006)

{com}. keep if t_1_3==1
{txt}(208,067 observations deleted)

{com}. keep combid yearbankt
{txt}
{com}. duplicates drop 

{p 0 4}{txt}Duplicates in terms of {txt} all variables{p_end}

(15,006 observations deleted)

{com}. graph bar (count) combid if year<=2015, over(yearbankt, label(labsize(small)) ///
>     relabel(1 "1982" 2 " " 3 " " 4 "1985"  5 " " 6 " " 7 " " 8 " " 9 "1990" 10 " " 11 " " 12 " " 13 " " 14 "1995"  ///
>     15 " " 16 " " 17 " " 18 " " 19 "2000"  20 " " 21 " " 22 " " 23 " " 24 "2005" 25 " " 26 " " 27 " " 28 " " 29 "2010" ///
>     30 " " 31 " " 32 " " 33 " " 34 "2015"  )) ///
>     graphregion(color(white)) ytitle("Frequency")
{res}{txt}
{com}. graph export "$outputfolder/fig1.png", replace  
{txt}{p 0 4 2}
file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/fig1.png{rm}
saved as
PNG
format
{p_end}

{com}. 
. ** Figure 2
. use "$datafolder/main_dataset.dta", clear
{txt}(Patents granted through 2006)

{com}. keep if t_1_3==1
{txt}(208,067 observations deleted)

{com}. keep combid yearbankt bfirmmodalcpc
{txt}
{com}. duplicates drop 

{p 0 4}{txt}Duplicates in terms of {txt} all variables{p_end}

(15,006 observations deleted)

{com}. g cpc =1 if bfirmmodalcpc=="A"
{txt}(796 missing values generated)

{com}. replace cpc =2 if bfirmmodalcpc=="B"
{txt}(151 real changes made)

{com}. replace cpc =3 if bfirmmodalcpc=="C"
{txt}(107 real changes made)

{com}. replace cpc =4 if bfirmmodalcpc=="D"
{txt}(15 real changes made)

{com}. replace cpc =5 if bfirmmodalcpc=="E"
{txt}(42 real changes made)

{com}. replace cpc =6 if bfirmmodalcpc=="F"
{txt}(65 real changes made)

{com}. replace cpc =7 if bfirmmodalcpc=="G"
{txt}(207 real changes made)

{com}. replace cpc =8 if bfirmmodalcpc=="H"
{txt}(205 real changes made)

{com}. label define cpcvalue 1 "Human necessities" 2 "Performing operations; transporting" 3 "Chemistry; metallurgy" 4 "Textiles; paper" 5 "Fixed constructions" 6 "Mechanical engineering; lighting; heating; weapons; blasting engines or pumps" 7 "Physics" 8 "Electricity"
{txt}
{com}. label values cpc cpcvalue
{txt}
{com}. label variable combid "firms"
{txt}
{com}. graph bar (count) combid if year<=2015, over(cpc, lab(angle(60))) graphregion(color(white)) ytitle("Frequency")
{res}{txt}
{com}. graph export "$outputfolder/fig2.png", replace  
{txt}{p 0 4 2}
file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/fig2.png{rm}
saved as
PNG
format
{p_end}

{com}. 
. ** Figure 3
. use "$datafolder/fig3_data.dta", clear 
{txt}
{com}. line coauthor year if year>=1975 & year<=2020, graphregion(color(white)) xlab(1975(10)2020) ylab(1(.5)2.7)
{res}{txt}
{com}. graph export "$outputfolder/fig3.png", replace
{txt}{p 0 4 2}
file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/fig3.png{rm}
saved as
PNG
format
{p_end}

{com}. 
. ** Figure 4
. use "$datafolder/fig4_data.dta", clear
{txt}(Patents granted through 2006)

{com}. set more off
{txt}
{com}. foreach v of varlist roa lev1 logta invone {c -(}
{txt}  2{com}. eststo  `v':  quietly reghdfe `v'  ///
>                 i.t_4 i.t_3 i.t_2 i.t_1 i.t0 ///
>                  if year>=1980 & samplet_5 ~=., ///
>                 absorb(combid yrInd4) vce(cl combid)    
{txt}  3{com}. {c )-}
{txt}
{com}. coefplot roa, drop(_cons) ///
>         order(i.t_4 i.t_3 i.t_2 i.t_1 i.t0)   ///
>     vertical graphregion(color(white)) ///
>          /// xtitle("Years since bankruptcy") 
>     xlabel(1 "-4" 2 "-3" 3 "-2" 4 "-1" 5 "0", tlcolor(gs8)) ///
>         ylab(, tlcolor(gs8))  /// tick
>     ciopts(recast(rcap) lpattern(longdash)) ///  ci
>     msymbol(o) mlwidth(medthick) mfcolor(gs16)  ///  marker
>     yscale(lwidth(medthick)) xscale(lwidth(medthick))  /// asix lwidth
>         yline(0, lw(thin) lcolor(black))   /// line y=0
>     ysc(noextend) xsc(noextend)   /// disconnected axes
>     omitted  /// omit requests to plot omitted coefficients
>         subtitle(Panel A. {c -(}it:ROA{c )-},size(small)) ///
>         name(roa, replace)
{res}{txt}
{com}. coefplot lev1, drop(_cons) ///
>         order(i.t_4 i.t_3 i.t_2 i.t_1 i.t0)   ///
>     vertical graphregion(color(white)) ///
>          /// xtitle("Years since bankruptcy") 
>     xlabel(1 "-4" 2 "-3" 3 "-2" 4 "-1" 5 "0", tlcolor(gs8)) ///
>         ylab(, tlcolor(gs8))  /// tick
>     ciopts(recast(rcap) lpattern(longdash)) ///  ci
>     msymbol(o) mlwidth(medthick) mfcolor(gs16)  ///  marker
>     yscale(lwidth(medthick)) xscale(lwidth(medthick))  /// asix lwidth
>         yline(0, lw(thin) lcolor(black))   /// line y=0
>     ysc(noextend) xsc(noextend)   /// disconnected axes
>     omitted  /// omit requests to plot omitted coefficients
>         subtitle(Panel B. {c -(}it:Leverage{c )-},size(small)) ///
>         name(lev1, replace)
{res}{txt}
{com}. coefplot logta, drop(_cons) ///
>         order(i.t_4 i.t_3 i.t_2 i.t_1 i.t0)   ///
>     vertical graphregion(color(white)) ///
>          /// xtitle("Years since bankruptcy") 
>     xlabel(1 "-4" 2 "-3" 3 "-2" 4 "-1" 5 "0", tlcolor(gs8)) ///
>         ylab(, tlcolor(gs8))  /// tick
>     ciopts(recast(rcap) lpattern(longdash)) ///  ci
>     msymbol(o) mlwidth(medthick) mfcolor(gs16)  ///  marker
>     yscale(lwidth(medthick)) xscale(lwidth(medthick))  /// asix lwidth
>         yline(0, lw(thin) lcolor(black))   /// line y=0
>     ysc(noextend) xsc(noextend)   /// disconnected axes
>     omitted  /// omit requests to plot omitted coefficients
>         subtitle(Panel C. {c -(}it:Ln(Total Assets){c )-},size(small)) ///
>         name(logta, replace)
{res}{txt}
{com}. coefplot invone, drop(_cons) ///
>         order(i.t_4 i.t_3 i.t_2 i.t_1 i.t0)   ///
>     vertical graphregion(color(white)) ///
>          /// xtitle("Years since bankruptcy") 
>     xlabel(1 "-4" 2 "-3" 3 "-2" 4 "-1" 5 "0", tlcolor(gs8)) ///
>         ylab(, tlcolor(gs8))  /// tick
>     ciopts(recast(rcap) lpattern(longdash)) ///  ci
>     msymbol(o) mlwidth(medthick) mfcolor(gs16)  ///  marker
>     yscale(lwidth(medthick)) xscale(lwidth(medthick))  /// asix lwidth
>         yline(0, lw(thin) lcolor(black))   /// line y=0
>     ysc(noextend) xsc(noextend)   /// disconnected axes
>     omitted  /// omit requests to plot omitted coefficients
>         subtitle(Panel D. {c -(}it:Number of inventors{c )-},size(small)) ///
>         name(invone, replace)
{res}{txt}
{com}. gr combine roa lev1 logta invone, ///
>         r(2) ysize(4) xsize(4) graphregion(color(white)) b1title("Years since bankruptcy",size(vsmall)) //ysize(3) xsize(4) 
{res}{txt}
{com}. graph export "$outputfolder/fig4.png", replace  
{txt}{p 0 4 2}
file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/fig4.png{rm}
saved as
PNG
format
{p_end}

{com}. 
. ** Figure 5
. use "$datafolder/main_dataset.dta", clear
{txt}(Patents granted through 2006)

{com}. * t-1 as reference
. set more off
{txt}
{com}. foreach v of varlist LNconeInvNewo LNponeInvNewo LNcpInvNewo LNxi_nominal{c -(} //
{txt}  2{com}. foreach w in tb {c -(}  //tt
{txt}  3{com}. eststo `v'_10`w':  reghdfe `v'  ///
>                  `w'10 `w'9 `w'8 `w'7 `w'6 `w'5 `w'4 `w'3 `w'2 `w'1 `w'0 `w'_2 `w'_3 `w'_4 `w'_5 `w'_6 `w'_7 `w'_8 `w'_9 `w'_10  ///
>                  i.t10 i.t9 i.t8 i.t7 i.t6 i.t5 i.t4 i.t3 i.t2 i.t1 i.t0 i.t_2 i.t_3 i.t_4 i.t_5 i.t_6 i.t_7 i.t_8 i.t_9 i.t_10  ///
>                 if year>=1980 & year<=2015 & t1010==1 , ///
>                 absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt)
{txt}  4{com}. {c )-}
{txt}  5{com}. {c )-}
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.t10{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t9{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t8{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t7{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t6{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t5{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t0{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_5{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_6{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_7{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_8{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_9{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_10{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: 1.t10 omitted because of collinearity
{txt}note: 1.t9 omitted because of collinearity
{txt}note: 1.t8 omitted because of collinearity
{txt}note: 1.t7 omitted because of collinearity
{txt}note: 1.t6 omitted because of collinearity
{txt}note: 1.t5 omitted because of collinearity
{txt}note: 1.t4 omitted because of collinearity
{txt}note: 1.t3 omitted because of collinearity
{txt}note: 1.t2 omitted because of collinearity
{txt}note: 1.t1 omitted because of collinearity
{txt}note: 1.t0 omitted because of collinearity
{txt}note: 1.t_2 omitted because of collinearity
{txt}note: 1.t_3 omitted because of collinearity
{txt}note: 1.t_4 omitted because of collinearity
{txt}note: 1.t_5 omitted because of collinearity
{txt}note: 1.t_6 omitted because of collinearity
{txt}note: 1.t_7 omitted because of collinearity
{txt}note: 1.t_8 omitted because of collinearity
{txt}note: 1.t_9 omitted because of collinearity
{txt}note: 1.t_10 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}  20{txt},{res}    753{txt}){col 67}= {res}      4.67
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4575
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3568
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0008
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    1.2060

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNconeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}tb10 {c |}{col 14}{res}{space 2}-.1174771{col 26}{space 2} .0959386{col 37}{space 1}   -1.22{col 46}{space 3}0.221{col 54}{space 4}-.3058161{col 67}{space 3} .0708618
{txt}{space 9}tb9 {c |}{col 14}{res}{space 2} -.059453{col 26}{space 2} .1079867{col 37}{space 1}   -0.55{col 46}{space 3}0.582{col 54}{space 4}-.2714438{col 67}{space 3} .1525379
{txt}{space 9}tb8 {c |}{col 14}{res}{space 2}-.0694962{col 26}{space 2} .0975575{col 37}{space 1}   -0.71{col 46}{space 3}0.476{col 54}{space 4}-.2610131{col 67}{space 3} .1220208
{txt}{space 9}tb7 {c |}{col 14}{res}{space 2}-.1156207{col 26}{space 2} .1042418{col 37}{space 1}   -1.11{col 46}{space 3}0.268{col 54}{space 4}-.3202598{col 67}{space 3} .0890185
{txt}{space 9}tb6 {c |}{col 14}{res}{space 2}-.1422454{col 26}{space 2} .1079881{col 37}{space 1}   -1.32{col 46}{space 3}0.188{col 54}{space 4}-.3542389{col 67}{space 3} .0697482
{txt}{space 9}tb5 {c |}{col 14}{res}{space 2}-.1201318{col 26}{space 2} .1269685{col 37}{space 1}   -0.95{col 46}{space 3}0.344{col 54}{space 4}-.3693861{col 67}{space 3} .1291225
{txt}{space 9}tb4 {c |}{col 14}{res}{space 2}-.1871591{col 26}{space 2} .0957924{col 37}{space 1}   -1.95{col 46}{space 3}0.051{col 54}{space 4} -.375211{col 67}{space 3} .0008929
{txt}{space 9}tb3 {c |}{col 14}{res}{space 2}-.1997839{col 26}{space 2}   .07852{col 37}{space 1}   -2.54{col 46}{space 3}0.011{col 54}{space 4}-.3539281{col 67}{space 3}-.0456397
{txt}{space 9}tb2 {c |}{col 14}{res}{space 2}-.2044208{col 26}{space 2} .0645669{col 37}{space 1}   -3.17{col 46}{space 3}0.002{col 54}{space 4}-.3311732{col 67}{space 3}-.0776683
{txt}{space 9}tb1 {c |}{col 14}{res}{space 2}-.0684296{col 26}{space 2} .0915044{col 37}{space 1}   -0.75{col 46}{space 3}0.455{col 54}{space 4}-.2480636{col 67}{space 3} .1112045
{txt}{space 9}tb0 {c |}{col 14}{res}{space 2} -.128967{col 26}{space 2} .0661825{col 37}{space 1}   -1.95{col 46}{space 3}0.052{col 54}{space 4}-.2588913{col 67}{space 3} .0009572
{txt}{space 8}tb_2 {c |}{col 14}{res}{space 2} .1174955{col 26}{space 2} .0451442{col 37}{space 1}    2.60{col 46}{space 3}0.009{col 54}{space 4}  .028872{col 67}{space 3}  .206119
{txt}{space 8}tb_3 {c |}{col 14}{res}{space 2}  .022921{col 26}{space 2} .0617432{col 37}{space 1}    0.37{col 46}{space 3}0.711{col 54}{space 4}-.0982883{col 67}{space 3} .1441303
{txt}{space 8}tb_4 {c |}{col 14}{res}{space 2}-.0289223{col 26}{space 2}   .05288{col 37}{space 1}   -0.55{col 46}{space 3}0.585{col 54}{space 4}-.1327321{col 67}{space 3} .0748874
{txt}{space 8}tb_5 {c |}{col 14}{res}{space 2} .0673226{col 26}{space 2} .0766076{col 37}{space 1}    0.88{col 46}{space 3}0.380{col 54}{space 4}-.0830672{col 67}{space 3} .2177125
{txt}{space 8}tb_6 {c |}{col 14}{res}{space 2}  .115128{col 26}{space 2} .0824458{col 37}{space 1}    1.40{col 46}{space 3}0.163{col 54}{space 4} -.046723{col 67}{space 3}  .276979
{txt}{space 8}tb_7 {c |}{col 14}{res}{space 2} -.001275{col 26}{space 2} .1069726{col 37}{space 1}   -0.01{col 46}{space 3}0.990{col 54}{space 4}-.2112749{col 67}{space 3}  .208725
{txt}{space 8}tb_8 {c |}{col 14}{res}{space 2}-.0506197{col 26}{space 2}  .138588{col 37}{space 1}   -0.37{col 46}{space 3}0.715{col 54}{space 4}-.3226844{col 67}{space 3} .2214451
{txt}{space 8}tb_9 {c |}{col 14}{res}{space 2}-.0779279{col 26}{space 2} .1003547{col 37}{space 1}   -0.78{col 46}{space 3}0.438{col 54}{space 4}-.2749362{col 67}{space 3} .1190805
{txt}{space 7}tb_10 {c |}{col 14}{res}{space 2}-.1348813{col 26}{space 2}  .126966{col 37}{space 1}   -1.06{col 46}{space 3}0.288{col 54}{space 4}-.3841307{col 67}{space 3} .1143681
{txt}{space 7}1.t10 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t9 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t7 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t5 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t0 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_5 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_7 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_9 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}1.t_10 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .9714192{col 26}{space 2} .0317865{col 37}{space 1}   30.56{col 46}{space 3}0.000{col 54}{space 4} .9090184{col 67}{space 3}  1.03382
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.t10{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t9{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t8{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t7{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t6{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t5{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t0{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_5{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_6{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_7{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_8{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_9{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_10{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: 1.t10 omitted because of collinearity
{txt}note: 1.t9 omitted because of collinearity
{txt}note: 1.t8 omitted because of collinearity
{txt}note: 1.t7 omitted because of collinearity
{txt}note: 1.t6 omitted because of collinearity
{txt}note: 1.t5 omitted because of collinearity
{txt}note: 1.t4 omitted because of collinearity
{txt}note: 1.t3 omitted because of collinearity
{txt}note: 1.t2 omitted because of collinearity
{txt}note: 1.t1 omitted because of collinearity
{txt}note: 1.t0 omitted because of collinearity
{txt}note: 1.t_2 omitted because of collinearity
{txt}note: 1.t_3 omitted because of collinearity
{txt}note: 1.t_4 omitted because of collinearity
{txt}note: 1.t_5 omitted because of collinearity
{txt}note: 1.t_6 omitted because of collinearity
{txt}note: 1.t_7 omitted because of collinearity
{txt}note: 1.t_8 omitted because of collinearity
{txt}note: 1.t_9 omitted because of collinearity
{txt}note: 1.t_10 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}  20{txt},{res}    753{txt}){col 67}= {res}      6.09
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4564
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3554
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0009
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    0.4428

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}tb10 {c |}{col 14}{res}{space 2}-.0300842{col 26}{space 2} .0404552{col 37}{space 1}   -0.74{col 46}{space 3}0.457{col 54}{space 4}-.1095025{col 67}{space 3} .0493341
{txt}{space 9}tb9 {c |}{col 14}{res}{space 2} -.035913{col 26}{space 2} .0446593{col 37}{space 1}   -0.80{col 46}{space 3}0.422{col 54}{space 4}-.1235846{col 67}{space 3} .0517585
{txt}{space 9}tb8 {c |}{col 14}{res}{space 2}-.0371035{col 26}{space 2} .0401514{col 37}{space 1}   -0.92{col 46}{space 3}0.356{col 54}{space 4}-.1159255{col 67}{space 3} .0417185
{txt}{space 9}tb7 {c |}{col 14}{res}{space 2}-.0509889{col 26}{space 2} .0415972{col 37}{space 1}   -1.23{col 46}{space 3}0.221{col 54}{space 4}-.1326491{col 67}{space 3} .0306713
{txt}{space 9}tb6 {c |}{col 14}{res}{space 2} -.087869{col 26}{space 2} .0505837{col 37}{space 1}   -1.74{col 46}{space 3}0.083{col 54}{space 4}-.1871709{col 67}{space 3} .0114329
{txt}{space 9}tb5 {c |}{col 14}{res}{space 2}-.0538942{col 26}{space 2} .0528577{col 37}{space 1}   -1.02{col 46}{space 3}0.308{col 54}{space 4}-.1576601{col 67}{space 3} .0498717
{txt}{space 9}tb4 {c |}{col 14}{res}{space 2}-.0854841{col 26}{space 2} .0401449{col 37}{space 1}   -2.13{col 46}{space 3}0.034{col 54}{space 4}-.1642932{col 67}{space 3}-.0066749
{txt}{space 9}tb3 {c |}{col 14}{res}{space 2}-.0822074{col 26}{space 2} .0409167{col 37}{space 1}   -2.01{col 46}{space 3}0.045{col 54}{space 4}-.1625317{col 67}{space 3} -.001883
{txt}{space 9}tb2 {c |}{col 14}{res}{space 2}-.0838593{col 26}{space 2} .0304968{col 37}{space 1}   -2.75{col 46}{space 3}0.006{col 54}{space 4}-.1437282{col 67}{space 3}-.0239904
{txt}{space 9}tb1 {c |}{col 14}{res}{space 2}-.0318664{col 26}{space 2} .0276599{col 37}{space 1}   -1.15{col 46}{space 3}0.250{col 54}{space 4}-.0861661{col 67}{space 3} .0224333
{txt}{space 9}tb0 {c |}{col 14}{res}{space 2} -.035823{col 26}{space 2} .0222086{col 37}{space 1}   -1.61{col 46}{space 3}0.107{col 54}{space 4}-.0794211{col 67}{space 3} .0077751
{txt}{space 8}tb_2 {c |}{col 14}{res}{space 2} .0244298{col 26}{space 2} .0154879{col 37}{space 1}    1.58{col 46}{space 3}0.115{col 54}{space 4}-.0059748{col 67}{space 3} .0548345
{txt}{space 8}tb_3 {c |}{col 14}{res}{space 2}-.0000901{col 26}{space 2} .0295049{col 37}{space 1}   -0.00{col 46}{space 3}0.998{col 54}{space 4}-.0580117{col 67}{space 3} .0578314
{txt}{space 8}tb_4 {c |}{col 14}{res}{space 2}-.0127176{col 26}{space 2} .0249198{col 37}{space 1}   -0.51{col 46}{space 3}0.610{col 54}{space 4}-.0616381{col 67}{space 3}  .036203
{txt}{space 8}tb_5 {c |}{col 14}{res}{space 2} -.010914{col 26}{space 2} .0379172{col 37}{space 1}   -0.29{col 46}{space 3}0.774{col 54}{space 4}  -.08535{col 67}{space 3} .0635219
{txt}{space 8}tb_6 {c |}{col 14}{res}{space 2} .0062108{col 26}{space 2} .0460857{col 37}{space 1}    0.13{col 46}{space 3}0.893{col 54}{space 4}-.0842608{col 67}{space 3} .0966825
{txt}{space 8}tb_7 {c |}{col 14}{res}{space 2}-.0377911{col 26}{space 2} .0517959{col 37}{space 1}   -0.73{col 46}{space 3}0.466{col 54}{space 4}-.1394726{col 67}{space 3} .0638903
{txt}{space 8}tb_8 {c |}{col 14}{res}{space 2}-.0676068{col 26}{space 2} .0673635{col 37}{space 1}   -1.00{col 46}{space 3}0.316{col 54}{space 4}-.1998494{col 67}{space 3} .0646358
{txt}{space 8}tb_9 {c |}{col 14}{res}{space 2}-.0843728{col 26}{space 2} .0571412{col 37}{space 1}   -1.48{col 46}{space 3}0.140{col 54}{space 4}-.1965478{col 67}{space 3} .0278023
{txt}{space 7}tb_10 {c |}{col 14}{res}{space 2}-.1056478{col 26}{space 2} .0694921{col 37}{space 1}   -1.52{col 46}{space 3}0.129{col 54}{space 4} -.242069{col 67}{space 3} .0307734
{txt}{space 7}1.t10 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t9 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t7 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t5 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t0 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_5 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_7 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_9 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}1.t_10 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .4103007{col 26}{space 2}  .015833{col 37}{space 1}   25.91{col 46}{space 3}0.000{col 54}{space 4} .3792186{col 67}{space 3} .4413829
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.t10{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t9{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t8{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t7{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t6{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t5{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t0{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_5{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_6{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_7{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_8{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_9{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_10{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: 1.t10 omitted because of collinearity
{txt}note: 1.t9 omitted because of collinearity
{txt}note: 1.t8 omitted because of collinearity
{txt}note: 1.t7 omitted because of collinearity
{txt}note: 1.t6 omitted because of collinearity
{txt}note: 1.t5 omitted because of collinearity
{txt}note: 1.t4 omitted because of collinearity
{txt}note: 1.t3 omitted because of collinearity
{txt}note: 1.t2 omitted because of collinearity
{txt}note: 1.t1 omitted because of collinearity
{txt}note: 1.t0 omitted because of collinearity
{txt}note: 1.t_2 omitted because of collinearity
{txt}note: 1.t_3 omitted because of collinearity
{txt}note: 1.t_4 omitted because of collinearity
{txt}note: 1.t_5 omitted because of collinearity
{txt}note: 1.t_6 omitted because of collinearity
{txt}note: 1.t_7 omitted because of collinearity
{txt}note: 1.t_8 omitted because of collinearity
{txt}note: 1.t_9 omitted because of collinearity
{txt}note: 1.t_10 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}  20{txt},{res}    753{txt}){col 67}= {res}      3.46
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4472
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3446
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0007
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    1.0390

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}tb10 {c |}{col 14}{res}{space 2}-.0858104{col 26}{space 2} .0796246{col 37}{space 1}   -1.08{col 46}{space 3}0.282{col 54}{space 4}-.2421231{col 67}{space 3} .0705022
{txt}{space 9}tb9 {c |}{col 14}{res}{space 2}-.0282223{col 26}{space 2} .0895439{col 37}{space 1}   -0.32{col 46}{space 3}0.753{col 54}{space 4}-.2040077{col 67}{space 3} .1475631
{txt}{space 9}tb8 {c |}{col 14}{res}{space 2}-.0285573{col 26}{space 2} .0812575{col 37}{space 1}   -0.35{col 46}{space 3}0.725{col 54}{space 4}-.1880756{col 67}{space 3} .1309609
{txt}{space 9}tb7 {c |}{col 14}{res}{space 2}-.0728896{col 26}{space 2} .0883657{col 37}{space 1}   -0.82{col 46}{space 3}0.410{col 54}{space 4}-.2463619{col 67}{space 3} .1005828
{txt}{space 9}tb6 {c |}{col 14}{res}{space 2}-.0821529{col 26}{space 2} .0779256{col 37}{space 1}   -1.05{col 46}{space 3}0.292{col 54}{space 4}-.2351301{col 67}{space 3} .0708243
{txt}{space 9}tb5 {c |}{col 14}{res}{space 2}-.0669171{col 26}{space 2} .0946546{col 37}{space 1}   -0.71{col 46}{space 3}0.480{col 54}{space 4}-.2527354{col 67}{space 3} .1189013
{txt}{space 9}tb4 {c |}{col 14}{res}{space 2}-.1367566{col 26}{space 2} .0766553{col 37}{space 1}   -1.78{col 46}{space 3}0.075{col 54}{space 4}-.2872401{col 67}{space 3}  .013727
{txt}{space 9}tb3 {c |}{col 14}{res}{space 2}-.1634147{col 26}{space 2} .0612515{col 37}{space 1}   -2.67{col 46}{space 3}0.008{col 54}{space 4}-.2836587{col 67}{space 3}-.0431708
{txt}{space 9}tb2 {c |}{col 14}{res}{space 2}-.1582508{col 26}{space 2} .0533888{col 37}{space 1}   -2.96{col 46}{space 3}0.003{col 54}{space 4}-.2630594{col 67}{space 3}-.0534422
{txt}{space 9}tb1 {c |}{col 14}{res}{space 2}-.0467984{col 26}{space 2} .0804657{col 37}{space 1}   -0.58{col 46}{space 3}0.561{col 54}{space 4}-.2047622{col 67}{space 3} .1111654
{txt}{space 9}tb0 {c |}{col 14}{res}{space 2}-.1104869{col 26}{space 2} .0583018{col 37}{space 1}   -1.90{col 46}{space 3}0.058{col 54}{space 4}-.2249402{col 67}{space 3} .0039664
{txt}{space 8}tb_2 {c |}{col 14}{res}{space 2} .1050825{col 26}{space 2} .0407982{col 37}{space 1}    2.58{col 46}{space 3}0.010{col 54}{space 4} .0249907{col 67}{space 3} .1851743
{txt}{space 8}tb_3 {c |}{col 14}{res}{space 2}  .023146{col 26}{space 2} .0483368{col 37}{space 1}    0.48{col 46}{space 3}0.632{col 54}{space 4} -.071745{col 67}{space 3} .1180369
{txt}{space 8}tb_4 {c |}{col 14}{res}{space 2}-.0442807{col 26}{space 2} .0392828{col 37}{space 1}   -1.13{col 46}{space 3}0.260{col 54}{space 4}-.1213975{col 67}{space 3}  .032836
{txt}{space 8}tb_5 {c |}{col 14}{res}{space 2} .0773853{col 26}{space 2} .0583761{col 37}{space 1}    1.33{col 46}{space 3}0.185{col 54}{space 4}-.0372139{col 67}{space 3} .1919844
{txt}{space 8}tb_6 {c |}{col 14}{res}{space 2} .0957672{col 26}{space 2} .0635765{col 37}{space 1}    1.51{col 46}{space 3}0.132{col 54}{space 4}-.0290411{col 67}{space 3} .2205754
{txt}{space 8}tb_7 {c |}{col 14}{res}{space 2} .0225664{col 26}{space 2} .0800459{col 37}{space 1}    0.28{col 46}{space 3}0.778{col 54}{space 4}-.1345732{col 67}{space 3}  .179706
{txt}{space 8}tb_8 {c |}{col 14}{res}{space 2}-.0070819{col 26}{space 2} .1053738{col 37}{space 1}   -0.07{col 46}{space 3}0.946{col 54}{space 4}-.2139432{col 67}{space 3} .1997795
{txt}{space 8}tb_9 {c |}{col 14}{res}{space 2}-.0161736{col 26}{space 2} .0756753{col 37}{space 1}   -0.21{col 46}{space 3}0.831{col 54}{space 4}-.1647332{col 67}{space 3}  .132386
{txt}{space 7}tb_10 {c |}{col 14}{res}{space 2}-.0705321{col 26}{space 2}  .088398{col 37}{space 1}   -0.80{col 46}{space 3}0.425{col 54}{space 4}-.2440679{col 67}{space 3} .1030037
{txt}{space 7}1.t10 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t9 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t7 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t5 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t0 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_5 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_7 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_9 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}1.t_10 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .8156969{col 26}{space 2} .0237348{col 37}{space 1}   34.37{col 46}{space 3}0.000{col 54}{space 4} .7691026{col 67}{space 3} .8622912
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}(dropped 3835 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.t10{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t9{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t8{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t7{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t6{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t5{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t0{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_5{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_6{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_7{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_8{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_9{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t_10{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 24 iterations)
{res}{txt}note: 1.t10 omitted because of collinearity
{txt}note: 1.t9 omitted because of collinearity
{txt}note: 1.t8 omitted because of collinearity
{txt}note: 1.t7 omitted because of collinearity
{txt}note: 1.t6 omitted because of collinearity
{txt}note: 1.t5 omitted because of collinearity
{txt}note: 1.t4 omitted because of collinearity
{txt}note: 1.t3 omitted because of collinearity
{txt}note: 1.t2 omitted because of collinearity
{txt}note: 1.t1 omitted because of collinearity
{txt}note: 1.t0 omitted because of collinearity
{txt}note: 1.t_2 omitted because of collinearity
{txt}note: 1.t_3 omitted because of collinearity
{txt}note: 1.t_4 omitted because of collinearity
{txt}note: 1.t_5 omitted because of collinearity
{txt}note: 1.t_6 omitted because of collinearity
{txt}note: 1.t_7 omitted because of collinearity
{txt}note: 1.t_8 omitted because of collinearity
{txt}note: 1.t_9 omitted because of collinearity
{txt}note: 1.t_10 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    79,090
{txt}Absorbing 4 HDFE groups{col 51}F({res}  20{txt},{res}    385{txt}){col 67}= {res}     13.66
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4823
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3704
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0019
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       386{txt}{col 51}Root MSE{col 67}= {res}    1.0239

{txt}{ralign 78:(Std. err. adjusted for {res:386} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNxi_nominal{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}tb10 {c |}{col 14}{res}{space 2}-.4318866{col 26}{space 2} .1109268{col 37}{space 1}   -3.89{col 46}{space 3}0.000{col 54}{space 4}-.6499847{col 67}{space 3}-.2137886
{txt}{space 9}tb9 {c |}{col 14}{res}{space 2}-.0674348{col 26}{space 2} .2265371{col 37}{space 1}   -0.30{col 46}{space 3}0.766{col 54}{space 4}-.5128395{col 67}{space 3} .3779699
{txt}{space 9}tb8 {c |}{col 14}{res}{space 2}-.3657564{col 26}{space 2} .1025149{col 37}{space 1}   -3.57{col 46}{space 3}0.000{col 54}{space 4}-.5673155{col 67}{space 3}-.1641973
{txt}{space 9}tb7 {c |}{col 14}{res}{space 2}-.1691415{col 26}{space 2} .1232168{col 37}{space 1}   -1.37{col 46}{space 3}0.171{col 54}{space 4}-.4114035{col 67}{space 3} .0731205
{txt}{space 9}tb6 {c |}{col 14}{res}{space 2}-.3723869{col 26}{space 2} .1285403{col 37}{space 1}   -2.90{col 46}{space 3}0.004{col 54}{space 4}-.6251157{col 67}{space 3}-.1196581
{txt}{space 9}tb5 {c |}{col 14}{res}{space 2}-.3066122{col 26}{space 2} .1331358{col 37}{space 1}   -2.30{col 46}{space 3}0.022{col 54}{space 4}-.5683764{col 67}{space 3}-.0448479
{txt}{space 9}tb4 {c |}{col 14}{res}{space 2}-.3767038{col 26}{space 2} .0708566{col 37}{space 1}   -5.32{col 46}{space 3}0.000{col 54}{space 4}-.5160181{col 67}{space 3}-.2373895
{txt}{space 9}tb3 {c |}{col 14}{res}{space 2}-.2720705{col 26}{space 2} .1355097{col 37}{space 1}   -2.01{col 46}{space 3}0.045{col 54}{space 4}-.5385022{col 67}{space 3}-.0056388
{txt}{space 9}tb2 {c |}{col 14}{res}{space 2}-.2976318{col 26}{space 2} .0856311{col 37}{space 1}   -3.48{col 46}{space 3}0.001{col 54}{space 4}-.4659949{col 67}{space 3}-.1292687
{txt}{space 9}tb1 {c |}{col 14}{res}{space 2} -.210568{col 26}{space 2}  .058623{col 37}{space 1}   -3.59{col 46}{space 3}0.000{col 54}{space 4}-.3258294{col 67}{space 3}-.0953066
{txt}{space 9}tb0 {c |}{col 14}{res}{space 2}-.1880386{col 26}{space 2}  .048692{col 37}{space 1}   -3.86{col 46}{space 3}0.000{col 54}{space 4} -.283774{col 67}{space 3}-.0923032
{txt}{space 8}tb_2 {c |}{col 14}{res}{space 2} .0824929{col 26}{space 2} .0471105{col 37}{space 1}    1.75{col 46}{space 3}0.081{col 54}{space 4}-.0101332{col 67}{space 3} .1751189
{txt}{space 8}tb_3 {c |}{col 14}{res}{space 2} .0233014{col 26}{space 2} .1024851{col 37}{space 1}    0.23{col 46}{space 3}0.820{col 54}{space 4}-.1781991{col 67}{space 3} .2248019
{txt}{space 8}tb_4 {c |}{col 14}{res}{space 2}-.0927653{col 26}{space 2}   .07242{col 37}{space 1}   -1.28{col 46}{space 3}0.201{col 54}{space 4}-.2351535{col 67}{space 3} .0496229
{txt}{space 8}tb_5 {c |}{col 14}{res}{space 2} .0439673{col 26}{space 2}  .083927{col 37}{space 1}    0.52{col 46}{space 3}0.601{col 54}{space 4}-.1210453{col 67}{space 3}   .20898
{txt}{space 8}tb_6 {c |}{col 14}{res}{space 2} .0261414{col 26}{space 2} .0862447{col 37}{space 1}    0.30{col 46}{space 3}0.762{col 54}{space 4}-.1434282{col 67}{space 3}  .195711
{txt}{space 8}tb_7 {c |}{col 14}{res}{space 2}-.0232755{col 26}{space 2} .1026748{col 37}{space 1}   -0.23{col 46}{space 3}0.821{col 54}{space 4} -.225149{col 67}{space 3}  .178598
{txt}{space 8}tb_8 {c |}{col 14}{res}{space 2}-.1029743{col 26}{space 2} .1018554{col 37}{space 1}   -1.01{col 46}{space 3}0.313{col 54}{space 4}-.3032368{col 67}{space 3} .0972882
{txt}{space 8}tb_9 {c |}{col 14}{res}{space 2} .0009821{col 26}{space 2} .0668433{col 37}{space 1}    0.01{col 46}{space 3}0.988{col 54}{space 4}-.1304416{col 67}{space 3} .1324058
{txt}{space 7}tb_10 {c |}{col 14}{res}{space 2}-.0596782{col 26}{space 2} .0961972{col 37}{space 1}   -0.62{col 46}{space 3}0.535{col 54}{space 4}-.2488157{col 67}{space 3} .1294594
{txt}{space 7}1.t10 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t9 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t7 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t5 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}1.t0 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_5 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_7 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}1.t_9 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}1.t_10 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .8213657{col 26}{space 2} .0393374{col 37}{space 1}   20.88{col 46}{space 3}0.000{col 54}{space 4} .7440227{col 67}{space 3} .8987087
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    10531{col 29}{space 1}    10531{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     3172{col 29}{space 1}     3172{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       50{col 29}{space 1}        1{col 41}{result}{space 1}       49{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * four graphs
. coefplot LNconeInvNewo_10tb, drop(_cons  ///
>         1.t10 1.t9 1.t8 1.t7 1.t6 1.t5 1.t4 1.t3 1.t2 1.t1 1.t0  1.t_2 1.t_3 1.t_4 1.t_5 1.t_6 1.t_7 1.t_8 1.t_9) ///
>         order(tb_10 tb_9 tb_8 tb_7 tb_6 tb_5 tb_4 tb_3 tb_2 1.t_10 tb0 tb1 tb2 tb3 tb4 tb5 tb6 tb7 tb8 tb9 tb10) ///
>     vertical graphregion(color(white)) ///
>     xlab(1 "-10" 3 "-8" 5 "-6" 7 "-4" 9 "-2" 11 "0" 13 "2" 15 "4" 17 "6" 19 "8" 21 "10", tlcolor(gs8)) ///
>         ylab(-.6(0.2).6,tlcolor(gs8))  /// tick
>     ciopts(recast(rcap) lpattern(longdash)) ///  ci
>     msymbol(o) mlwidth(medthick) mfcolor(gs16)  ///  marker
>     yscale(lwidth(medthick)) xscale(lwidth(medthick))  /// asix lwidth
>         yline(0, lw(thin) lcolor(black))   /// line y=0
>     ysc(noextend) xsc(noextend)   /// disconnected axes
>     omitted  /// omit requests to plot omitted coefficients
>     xsize(1) ysize(1) name(LNconeInvNewo_10tb, replace) subtitle(Panel C. {c -(}it:Ln(Citations){c )-},size(small))
{res}{txt}
{com}.         //    yline(0, lw(thin) lcolor(black)) xline(10, lw(thin) lpattern(longdash))  /// added lines
. coefplot LNponeInvNewo_10tb, drop(_cons  ///
>         1.t10 1.t9 1.t8 1.t7 1.t6 1.t5 1.t4 1.t3 1.t2 1.t1 1.t0  1.t_2 1.t_3 1.t_4 1.t_5 1.t_6 1.t_7 1.t_8 1.t_9) ///
>         order(tb_10 tb_9 tb_8 tb_7 tb_6 tb_5 tb_4 tb_3 tb_2 1.t_10 tb0 tb1 tb2 tb3 tb4 tb5 tb6 tb7 tb8 tb9 tb10) ///
>     vertical graphregion(color(white)) ///
>     xlab(1 "-10" 3 "-8" 5 "-6" 7 "-4" 9 "-2" 11 "0" 13 "2" 15 "4" 17 "6" 19 "8" 21 "10", tlcolor(gs8)) ///
>         ylab(-.3(0.1).3,tlcolor(gs8))  /// tick
>     ciopts(recast(rcap) lpattern(longdash)) ///  ci
>     msymbol(o) mlwidth(medthick) mfcolor(gs16)  ///  marker
>     yscale(lwidth(medthick)) xscale(lwidth(medthick))  /// asix lwidth
>         yline(0, lw(thin) lcolor(black))   /// line y=0
>     ysc(noextend) xsc(noextend)   /// disconnected axes
>     omitted  /// omit requests to plot omitted coefficients
>     xsize(1) ysize(1) name(LNponeInvNewo_10tb, replace) subtitle(Panel A. {c -(}it:Ln(Patents){c )-},size(small))
{res}{txt}
{com}.         //    yline(0, lw(thin) lcolor(black)) xline(10, lw(thin) lpattern(longdash))  /// added lines
. coefplot LNcpInvNewo_10tb, drop(_cons  ///
>         1.t10 1.t9 1.t8 1.t7 1.t6 1.t5 1.t4 1.t3 1.t2 1.t1 1.t0  1.t_2 1.t_3 1.t_4 1.t_5 1.t_6 1.t_7 1.t_8 1.t_9) ///
>         order(tb_10 tb_9 tb_8 tb_7 tb_6 tb_5 tb_4 tb_3 tb_2 1.t_10 tb0 tb1 tb2 tb3 tb4 tb5 tb6 tb7 tb8 tb9 tb10) ///
>     vertical graphregion(color(white)) ///
>     xlab(1 "-10" 3 "-8" 5 "-6" 7 "-4" 9 "-2" 11 "0" 13 "2" 15 "4" 17 "6" 19 "8" 21 "10", tlcolor(gs8)) ///
>         ylab(-.4(0.1).4,tlcolor(gs8))  /// tick
>     ciopts(recast(rcap) lpattern(longdash)) ///  ci
>     msymbol(o) mlwidth(medthick) mfcolor(gs16)  ///  marker
>     yscale(lwidth(medthick)) xscale(lwidth(medthick))  /// asix lwidth
>         yline(0, lw(thin) lcolor(black))   /// line y=0
>     ysc(noextend) xsc(noextend)   /// disconnected axes
>     omitted  /// omit requests to plot omitted coefficients
>     xsize(1) ysize(1) name(LNcpInvNewo_10tb, replace) subtitle(Panel B. {c -(}it:Ln(Citations per patent){c )-},size(small))
{res}{txt}
{com}.         //    yline(0, lw(thin) lcolor(black)) xline(10, lw(thin) lpattern(longdash))  /// added lines
. coefplot LNxi_nominal_10tb, drop(_cons  ///
>         1.t10 1.t9 1.t8 1.t7 1.t6 1.t5 1.t4 1.t3 1.t2 1.t1 1.t0  1.t_2 1.t_3 1.t_4 1.t_5 1.t_6 1.t_7 1.t_8 1.t_9) ///
>         order(tb_10 tb_9 tb_8 tb_7 tb_6 tb_5 tb_4 tb_3 tb_2 1.t_10 tb0 tb1 tb2 tb3 tb4 tb5 tb6 tb7 tb8 tb9 tb10) ///
>     vertical graphregion(color(white)) ///
>     xlab(1 "-10" 3 "-8" 5 "-6" 7 "-4" 9 "-2" 11 "0" 13 "2" 15 "4" 17 "6" 19 "8" 21 "10", tlcolor(gs8)) ///
>         ylab(-.6(0.2).6,tlcolor(gs8))  /// tick
>     ciopts(recast(rcap) lpattern(longdash)) ///  ci
>     msymbol(o) mlwidth(medthick) mfcolor(gs16)  ///  marker
>     yscale(lwidth(medthick)) xscale(lwidth(medthick))  /// asix lwidth
>         yline(0, lw(thin) lcolor(black))   /// line y=0
>     ysc(noextend) xsc(noextend)   /// disconnected axes
>     omitted  /// omit requests to plot omitted coefficients
>     xsize(1) ysize(1) name(LNxi_nominal_10tb, replace) subtitle(Panel D. {c -(}it:Ln(Dollar value of patents){c )-},size(small))
{res}{txt}
{com}.         //    yline(0, lw(thin) lcolor(black)) xline(10, lw(thin) lpattern(longdash))  /// added lines
. gr combine LNponeInvNewo_10tb LNcpInvNewo_10tb LNconeInvNewo_10tb LNxi_nominal_10tb, r(2) ysize(4) xsize(4) ///
>     b1title("Years since bankruptcy",size(vsmall)) graphregion(color(white))
{res}{txt}
{com}. graph export "$outputfolder/fig5.png", replace  
{txt}{p 0 4 2}
file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/fig5.png{rm}
saved as
PNG
format
{p_end}

{com}. 
. 
. ** Table 1: Summary statistics, Panel A (summary stats for Panels B and C are below)
. * spec 1 from Table 3
. reghdfe LNponeInvNewo Post if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 2127 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   162,338
{txt}Absorbing 3 HDFE groups{col 51}F({res}   1{txt},{res}    935{txt}){col 67}= {res}      5.02
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0253
{txt}{col 51}R-squared{col 67}= {res}    0.3809
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3219
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       936{txt}{col 51}Root MSE{col 67}= {res}    0.4522

{txt}{ralign 78:(Std. err. adjusted for {res:936} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2} -.038676{col 26}{space 2} .0172631{col 37}{space 1}   -2.24{col 46}{space 3}0.025{col 54}{space 4} -.072555{col 67}{space 3} -.004797
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  .403687{col 26}{space 2} .0062238{col 37}{space 1}   64.86{col 46}{space 3}0.000{col 54}{space 4} .3914728{col 67}{space 3} .4159013
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    13783{col 27}{space 1}    13783{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. labsumm LNponeInvNewo LNcpInvNewo LNconeInvNewo LNxi_nominal Post co_bt1 t0 t1 t2 t3 t4 t5plus t3plus if e(sample) 
{txt}                   Variable |   Obs      Mean  Std. Dev.      Min       Max
----------------------------+----------------------------------------------
                Ln(Patents) |{res}162338   .389743   .549147         0   4.66344
   {txt}Ln(Citations per patent) |{res}162338   .799382   1.28408         0   7.45934
              {txt}Ln(Citations) |{res}162338   .942958   1.50197         0   8.93287
{txt}Ln(Dollar value of patents) |{res} 81276   .771515   1.28417         0   7.58852
            {txt}Post bankruptcy |{res}162338   .360526   .480154         0         1
            {txt}Team dependence |{res}162338   .486273   .425322         0         1
                         {txt}t0 |{res}162338   .065308    .24707         0         1
                         {txt}t1 |{res}162338    .05961   .236764         0         1
                         {txt}t2 |{res}162338   .053789   .225602         0         1
                         {txt}t3 |{res}162338   .048824   .215501         0         1
                         {txt}t4 |{res}162338   .042947   .202739         0         1
                     {txt}t5plus |{res}162338   .155355   .362244         0         1
                     {txt}t3plus |{res}162338   .247126   .431342         0         1
{txt}
{com}. labsumm nca nca_dummy outcome_indep outcome_fbuy outcome_obuy outcome_liq BanktTenure tb_t4_dum if e(sample) 
{txt}                      Variable |   Obs      Mean  Std. Dev.      Min       Max
-------------------------------+----------------------------------------------
  Noncompete enforcement index |{res}158063   3.93227   2.01952         0         9
        {txt}Strong NCA enforcement |{res}158063    .59463   .490965         0         1
              {txt}Independent exit |{res}140424   .602077   .489471         0         1
{txt}Acquisition by financial buyer |{res}140424   .048083   .213942         0         1
{txt}Acquisition by strategic buyer |{res}140424   .111762   .315074         0         1
                   {txt}Liquidation |{res}140424    .27454   .446284         0         1
                        {txt}Tenure |{res}162338   6.75692   5.10796         1        37
               {txt}Remain together |{res}127983   .545658   .497913         0         1
{txt}
{com}. labsumm cpcChgT3 general_befbankt actYrRoll if e(sample) 
{txt}           Variable |   Obs      Mean  Std. Dev.      Min       Max
--------------------+----------------------------------------------
 Change tech. class |{res}162338   .290314   .453909         0         1
    {txt}Past generality |{res}111700   .577701   .256798         0         1
{txt}Years of experience |{res}162338   11.6794   8.08429         1        51
{txt}
{com}. 
. ** Table 2: treated vs nontreated
. use "$datafolder/table2_data.dta", clear
{txt}
{com}. * Panel A
. tab cpc TreatedD if ((Post==0 & TreatedD==1 & year < yearbankt) | (TreatedD==0 & experience>1)) & cpc1~="Y" & year>=1980 & year<=2015

              {txt}{c |}       TreatedD
          cpc {c |} Untreated    Treated {c |}     Total
{hline 14}{c +}{hline 22}{c +}{hline 10}
  Necessities {c |}{res} 1,306,626     10,484 {txt}{c |}{res} 1,317,110 
{txt}    Transport {c |}{res} 1,200,585     28,556 {txt}{c |}{res} 1,229,141 
{txt}   Chem/Metal {c |}{res}   999,554     16,908 {txt}{c |}{res} 1,016,462 
{txt}      Textile {c |}{res}    67,323      2,041 {txt}{c |}{res}    69,364 
{txt} Construction {c |}{res}   277,627      3,705 {txt}{c |}{res}   281,332 
{txt}Mech Engineer {c |}{res}   574,309     17,521 {txt}{c |}{res}   591,830 
{txt}      Physics {c |}{res} 2,032,280     28,224 {txt}{c |}{res} 2,060,504 
{txt}     Electric {c |}{res} 1,497,094     25,648 {txt}{c |}{res} 1,522,742 
{txt}{hline 14}{c +}{hline 22}{c +}{hline 10}
        Total {c |}{res} 7,955,398    133,087 {txt}{c |}{res} 8,088,485 
{txt}
{com}. * Panel B
. tabstat poneInvNewo coneInvNewo cpInvNewo ///
>         if ((Post==0 & TreatedD==1 & year < yearbankt) | (TreatedD==0 & experience>1)) & year>=1980 & year<=2015, ///
>         s(N mean sd ) f(%12.3f) columns(statistics) lo by(TreatedD)

{txt}{lalign 9:TreatedD} {...}
{ralign 12:Variable} {...}
{c |}            N         Mean           SD
{hline 23}{c +}{hline 39}
{lalign 9:Untreated} {...}
{ralign 12:poneInvNewo} {...}
{c |}{...}
 {res} 7957055.000        0.673        1.641
{space 9} {...}
{txt}{ralign 12:coneInvNewo} {...}
{c |}{...}
 {res} 7957055.000       14.661       97.572
{space 9} {...}
{txt}{ralign 12:cpInvNewo} {...}
{c |}{...}
 {res} 7957055.000        8.251       36.154
{txt}{hline 23}{c +}{hline 39}
{lalign 9:Treated} {...}
{ralign 12:poneInvNewo} {...}
{c |}{...}
 {res}  133087.000        0.753        1.815
{space 9} {...}
{txt}{ralign 12:coneInvNewo} {...}
{c |}{...}
 {res}  133087.000       18.621      101.105
{space 9} {...}
{txt}{ralign 12:cpInvNewo} {...}
{c |}{...}
 {res}  133087.000        9.724       37.079
{txt}{hline 23}{c +}{hline 39}
{lalign 9:Total} {...}
{ralign 12:poneInvNewo} {...}
{c |}{...}
 {res} 8090142.000        0.675        1.644
{space 9} {...}
{txt}{ralign 12:coneInvNewo} {...}
{c |}{...}
 {res} 8090142.000       14.726       97.632
{space 9} {...}
{txt}{ralign 12:cpInvNewo} {...}
{c |}{...}
 {res} 8090142.000        8.276       36.169
{txt}{hline 23}{c BT}{hline 39}

{com}. tabstat poneInvLife coneInvLife quinPone quinCone experience numInvPPat ///
>         if ((Post==0 & TreatedD==1 & year < yearbankt) | (TreatedD==0 & experience>1)) & inventorlevel ==1 & year>=1980 & year<=2015, /// 
>         s(N mean sd ) f(%12.3f) columns(statistics) lo by(TreatedD)

{txt}{lalign 9:TreatedD} {...}
{ralign 12:Variable} {...}
{c |}            N         Mean           SD
{hline 23}{c +}{hline 39}
{lalign 9:Untreated} {...}
{ralign 12:poneInvLife} {...}
{c |}{...}
 {res}  658187.000        7.332       14.228
{space 9} {...}
{txt}{ralign 12:coneInvLife} {...}
{c |}{...}
 {res}  658187.000      156.634      819.620
{space 9} {...}
{txt}{ralign 12:quinPone} {...}
{c |}{...}
 {res}  658187.000       68.971       21.965
{space 9} {...}
{txt}{ralign 12:quinCone} {...}
{c |}{...}
 {res}  658187.000       63.399       27.149
{space 9} {...}
{txt}{ralign 12:experience} {...}
{c |}{...}
 {res}  658187.000       10.096        7.597
{space 9} {...}
{txt}{ralign 12:numInvPPat} {...}
{c |}{...}
 {res}  658187.000        3.323        1.982
{txt}{hline 23}{c +}{hline 39}
{lalign 9:Treated} {...}
{ralign 12:poneInvLife} {...}
{c |}{...}
 {res}   12147.000       11.694       19.294
{space 9} {...}
{txt}{ralign 12:coneInvLife} {...}
{c |}{...}
 {res}   12147.000      229.055      938.693
{space 9} {...}
{txt}{ralign 12:quinPone} {...}
{c |}{...}
 {res}   12147.000       79.505       17.178
{space 9} {...}
{txt}{ralign 12:quinCone} {...}
{c |}{...}
 {res}   12147.000       73.952       21.611
{space 9} {...}
{txt}{ralign 12:experience} {...}
{c |}{...}
 {res}   12147.000       14.931        8.252
{space 9} {...}
{txt}{ralign 12:numInvPPat} {...}
{c |}{...}
 {res}   12147.000        3.230        1.411
{txt}{hline 23}{c +}{hline 39}
{lalign 9:Total} {...}
{ralign 12:poneInvLife} {...}
{c |}{...}
 {res}  670334.000        7.412       14.347
{space 9} {...}
{txt}{ralign 12:coneInvLife} {...}
{c |}{...}
 {res}  670334.000      157.947      821.987
{space 9} {...}
{txt}{ralign 12:quinPone} {...}
{c |}{...}
 {res}  670334.000       69.162       21.932
{space 9} {...}
{txt}{ralign 12:quinCone} {...}
{c |}{...}
 {res}  670334.000       63.590       27.096
{space 9} {...}
{txt}{ralign 12:experience} {...}
{c |}{...}
 {res}  670334.000       10.183        7.637
{space 9} {...}
{txt}{ralign 12:numInvPPat} {...}
{c |}{...}
 {res}  670334.000        3.321        1.973
{txt}{hline 23}{c BT}{hline 39}

{com}.         
. ** Table 3: individual inventors
. use "$datafolder/main_dataset.dta", clear
{txt}(Patents granted through 2006)

{com}. * Panel A
. eststo table3_PA_1: reghdfe LNponeInvNewo Post if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 2127 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   162,338
{txt}Absorbing 3 HDFE groups{col 51}F({res}   1{txt},{res}    935{txt}){col 67}= {res}      5.02
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0253
{txt}{col 51}R-squared{col 67}= {res}    0.3809
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3219
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       936{txt}{col 51}Root MSE{col 67}= {res}    0.4522

{txt}{ralign 78:(Std. err. adjusted for {res:936} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2} -.038676{col 26}{space 2} .0172631{col 37}{space 1}   -2.24{col 46}{space 3}0.025{col 54}{space 4} -.072555{col 67}{space 3} -.004797
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  .403687{col 26}{space 2} .0062238{col 37}{space 1}   64.86{col 46}{space 3}0.000{col 54}{space 4} .3914728{col 67}{space 3} .4159013
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    13783{col 27}{space 1}    13783{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table3_PA_2: reghdfe LNcpInvNewo Post if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 2127 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   162,338
{txt}Absorbing 3 HDFE groups{col 51}F({res}   1{txt},{res}    935{txt}){col 67}= {res}      1.73
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.1892
{txt}{col 51}R-squared{col 67}= {res}    0.3455
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2831
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0001
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       936{txt}{col 51}Root MSE{col 67}= {res}    1.0872

{txt}{ralign 78:(Std. err. adjusted for {res:936} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}-.0311687{col 26}{space 2} .0237208{col 37}{space 1}   -1.31{col 46}{space 3}0.189{col 54}{space 4}-.0777209{col 67}{space 3} .0153834
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  .810619{col 26}{space 2} .0085519{col 37}{space 1}   94.79{col 46}{space 3}0.000{col 54}{space 4} .7938357{col 67}{space 3} .8274022
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    13783{col 27}{space 1}    13783{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table3_PA_3: reghdfe LNponeInvNewo t0 t1 t2 t3 t4 t5plus if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 2127 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   162,338
{txt}Absorbing 3 HDFE groups{col 51}F({res}   6{txt},{res}    935{txt}){col 67}= {res}      4.64
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0001
{txt}{col 51}R-squared{col 67}= {res}    0.3811
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3221
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0008
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       936{txt}{col 51}Root MSE{col 67}= {res}    0.4521

{txt}{ralign 78:(Std. err. adjusted for {res:936} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}t0 {c |}{col 14}{res}{space 2}-.0303239{col 26}{space 2} .0103013{col 37}{space 1}   -2.94{col 46}{space 3}0.003{col 54}{space 4}-.0505403{col 67}{space 3}-.0101076
{txt}{space 10}t1 {c |}{col 14}{res}{space 2}-.0434497{col 26}{space 2} .0127853{col 37}{space 1}   -3.40{col 46}{space 3}0.001{col 54}{space 4} -.068541{col 67}{space 3}-.0183585
{txt}{space 10}t2 {c |}{col 14}{res}{space 2}-.0477721{col 26}{space 2}  .015182{col 37}{space 1}   -3.15{col 46}{space 3}0.002{col 54}{space 4}-.0775668{col 67}{space 3}-.0179773
{txt}{space 10}t3 {c |}{col 14}{res}{space 2}-.0643404{col 26}{space 2} .0260828{col 37}{space 1}   -2.47{col 46}{space 3}0.014{col 54}{space 4} -.115528{col 67}{space 3}-.0131529
{txt}{space 10}t4 {c |}{col 14}{res}{space 2}-.0609332{col 26}{space 2} .0372667{col 37}{space 1}   -1.64{col 46}{space 3}0.102{col 54}{space 4}-.1340693{col 67}{space 3} .0122029
{txt}{space 6}t5plus {c |}{col 14}{res}{space 2}-.0744541{col 26}{space 2} .0471813{col 37}{space 1}   -1.58{col 46}{space 3}0.115{col 54}{space 4}-.1670476{col 67}{space 3} .0181394
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .4142085{col 26}{space 2} .0109603{col 37}{space 1}   37.79{col 46}{space 3}0.000{col 54}{space 4} .3926989{col 67}{space 3} .4357181
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    13783{col 27}{space 1}    13783{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table3_PA_4: reghdfe LNcpInvNewo t0 t1 t2 t3 t4 t5plus if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 2127 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   162,338
{txt}Absorbing 3 HDFE groups{col 51}F({res}   6{txt},{res}    935{txt}){col 67}= {res}      1.62
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.1381
{txt}{col 51}R-squared{col 67}= {res}    0.3456
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2832
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0002
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       936{txt}{col 51}Root MSE{col 67}= {res}    1.0872

{txt}{ralign 78:(Std. err. adjusted for {res:936} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}t0 {c |}{col 14}{res}{space 2}-.0567577{col 26}{space 2} .0228399{col 37}{space 1}   -2.49{col 46}{space 3}0.013{col 54}{space 4}-.1015811{col 67}{space 3}-.0119342
{txt}{space 10}t1 {c |}{col 14}{res}{space 2}-.0460892{col 26}{space 2} .0235031{col 37}{space 1}   -1.96{col 46}{space 3}0.050{col 54}{space 4}-.0922142{col 67}{space 3} .0000359
{txt}{space 10}t2 {c |}{col 14}{res}{space 2}-.0591232{col 26}{space 2} .0262123{col 37}{space 1}   -2.26{col 46}{space 3}0.024{col 54}{space 4} -.110565{col 67}{space 3}-.0076814
{txt}{space 10}t3 {c |}{col 14}{res}{space 2}-.0629386{col 26}{space 2}  .032874{col 37}{space 1}   -1.91{col 46}{space 3}0.056{col 54}{space 4}-.1274539{col 67}{space 3} .0015767
{txt}{space 10}t4 {c |}{col 14}{res}{space 2}-.0561884{col 26}{space 2} .0536339{col 37}{space 1}   -1.05{col 46}{space 3}0.295{col 54}{space 4}-.1614451{col 67}{space 3} .0490683
{txt}{space 6}t5plus {c |}{col 14}{res}{space 2}-.0882647{col 26}{space 2} .0645308{col 37}{space 1}   -1.37{col 46}{space 3}0.172{col 54}{space 4}-.2149067{col 67}{space 3} .0383773
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .8282145{col 26}{space 2}  .015287{col 37}{space 1}   54.18{col 46}{space 3}0.000{col 54}{space 4} .7982138{col 67}{space 3} .8582153
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    13783{col 27}{space 1}    13783{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. esttab table3_PA_1 table3_PA_2 table3_PA_3 table3_PA_4 ///
>         using "$outputfolder/T3_PA.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         keep(Post t0 t1 t2 t3 t4 t5plus)  ///
>         order(Post t0 t1 t2 t3 t4 t5plus) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T3_PA.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T3_PA.csv"'})

{com}. drop _est*
{txt}
{com}. * Panel B
. eststo table3_PB_1: reghdfe LNponeInvNewo i.Post##c.cpcChgT3 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 2127 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}cpcChgT3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: cpcChgT3 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   162,338
{txt}Absorbing 3 HDFE groups{col 51}F({res}   2{txt},{res}    935{txt}){col 67}= {res}     18.49
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3817
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3228
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0018
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       936{txt}{col 51}Root MSE{col 67}= {res}    0.4519

{txt}{ralign 78:(Std. err. adjusted for {res:936} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}-.0641389{col 26}{space 2} .0208704{col 37}{space 1}   -3.07{col 46}{space 3}0.002{col 54}{space 4}-.1050971{col 67}{space 3}-.0231806
{txt}{space 4}cpcChgT3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
{space 2}c.cpcChgT3 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}  .079012{col 26}{space 2} .0132321{col 37}{space 1}    5.97{col 46}{space 3}0.000{col 54}{space 4} .0530439{col 67}{space 3} .1049802
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .4042279{col 26}{space 2}  .006659{col 37}{space 1}   60.70{col 46}{space 3}0.000{col 54}{space 4} .3911595{col 67}{space 3} .4172963
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    13783{col 27}{space 1}    13783{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table3_PB_2: reghdfe LNcpInvNewo i.Post##c.cpcChgT3 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt)
{res}{txt}(dropped 2127 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}cpcChgT3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: cpcChgT3 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   162,338
{txt}Absorbing 3 HDFE groups{col 51}F({res}   2{txt},{res}    935{txt}){col 67}= {res}      7.37
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0007
{txt}{col 51}R-squared{col 67}= {res}    0.3456
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2833
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0003
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       936{txt}{col 51}Root MSE{col 67}= {res}    1.0871

{txt}{ralign 78:(Std. err. adjusted for {res:936} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2} -.058687{col 26}{space 2} .0271555{col 37}{space 1}   -2.16{col 46}{space 3}0.031{col 54}{space 4}-.1119797{col 67}{space 3}-.0053942
{txt}{space 4}cpcChgT3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
{space 2}c.cpcChgT3 {c |}
{space 10}1  {c |}{col 14}{res}{space 2} .0853899{col 26}{space 2} .0223341{col 37}{space 1}    3.82{col 46}{space 3}0.000{col 54}{space 4} .0415592{col 67}{space 3} .1292205
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .8112035{col 26}{space 2} .0088696{col 37}{space 1}   91.46{col 46}{space 3}0.000{col 54}{space 4} .7937968{col 67}{space 3} .8286101
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    13783{col 27}{space 1}    13783{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table3_PB_3: reghdfe LNponeInvNewo i.Post##c.general_befbankt if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 556 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}general_befbankt{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: general_befbankt omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   111,698
{txt}Absorbing 3 HDFE groups{col 51}F({res}   2{txt},{res}    575{txt}){col 67}= {res}      2.86
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0582
{txt}{col 51}R-squared{col 67}= {res}    0.3753
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3222
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0008
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       576{txt}{col 51}Root MSE{col 67}= {res}    0.4588

{txt}{ralign 78:(Std. err. adjusted for {res:576} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2} -.058191{col 26}{space 2} .0256736{col 37}{space 1}   -2.27{col 46}{space 3}0.024{col 54}{space 4}-.1086164{col 67}{space 3}-.0077656
{txt}general_be~t {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
{space 10}c. {c |}
general_be~t {c |}
{space 10}1  {c |}{col 14}{res}{space 2} .0167988{col 26}{space 2} .0307186{col 37}{space 1}    0.55{col 46}{space 3}0.585{col 54}{space 4}-.0435355{col 67}{space 3} .0771331
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .4002252{col 26}{space 2}  .008078{col 37}{space 1}   49.55{col 46}{space 3}0.000{col 54}{space 4} .3843593{col 67}{space 3} .4160911
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}     8410{col 27}{space 1}     8410{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      286{col 27}{space 1}        0{col 39}{result}{space 1}      286{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table3_PB_4: reghdfe LNcpInvNewo i.Post##c.general_befbankt if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 556 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}general_befbankt{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: general_befbankt omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   111,698
{txt}Absorbing 3 HDFE groups{col 51}F({res}   2{txt},{res}    575{txt}){col 67}= {res}      1.92
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.1469
{txt}{col 51}R-squared{col 67}= {res}    0.3392
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2831
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0002
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       576{txt}{col 51}Root MSE{col 67}= {res}    1.1267

{txt}{ralign 78:(Std. err. adjusted for {res:576} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2} -.093806{col 26}{space 2} .0504987{col 37}{space 1}   -1.86{col 46}{space 3}0.064{col 54}{space 4}-.1929904{col 67}{space 3} .0053784
{txt}general_be~t {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
{space 10}c. {c |}
general_be~t {c |}
{space 10}1  {c |}{col 14}{res}{space 2} .0557733{col 26}{space 2} .0565596{col 37}{space 1}    0.99{col 46}{space 3}0.324{col 54}{space 4}-.0553153{col 67}{space 3}  .166862
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .8588594{col 26}{space 2} .0122318{col 37}{space 1}   70.22{col 46}{space 3}0.000{col 54}{space 4} .8348349{col 67}{space 3} .8828839
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}     8410{col 27}{space 1}     8410{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      286{col 27}{space 1}        0{col 39}{result}{space 1}      286{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. esttab table3_PB_1 table3_PB_2 table3_PB_3 table3_PB_4 ///
>         using "$outputfolder/T3_PB.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T3_PB.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T3_PB.csv"'})

{com}. drop _est*
{txt}
{com}. 
. ** Table 4: stay together
. eststo table4_1: reghdfe tb_t4_dum i.t0 i.t1 i.t2 i.t3plus if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt)  
{res}{txt}(dropped 573 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   127,465
{txt}Absorbing 3 HDFE groups{col 51}F({res}   4{txt},{res}    908{txt}){col 67}= {res}     17.34
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4113
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3487
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0420
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       909{txt}{col 51}Root MSE{col 67}= {res}    0.4018

{txt}{ralign 78:(Std. err. adjusted for {res:909} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   tb_t4_dum{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}1.t0 {c |}{col 14}{res}{space 2}-.2018788{col 26}{space 2} .0840527{col 37}{space 1}   -2.40{col 46}{space 3}0.017{col 54}{space 4} -.366839{col 67}{space 3}-.0369186
{txt}{space 8}1.t1 {c |}{col 14}{res}{space 2}-.2468476{col 26}{space 2} .0895453{col 37}{space 1}   -2.76{col 46}{space 3}0.006{col 54}{space 4}-.4225874{col 67}{space 3}-.0711079
{txt}{space 8}1.t2 {c |}{col 14}{res}{space 2}-.1492267{col 26}{space 2} .1032212{col 37}{space 1}   -1.45{col 46}{space 3}0.149{col 54}{space 4}-.3518065{col 67}{space 3} .0533532
{txt}{space 4}1.t3plus {c |}{col 14}{res}{space 2} .0399503{col 26}{space 2}  .097287{col 37}{space 1}    0.41{col 46}{space 3}0.681{col 54}{space 4}-.1509831{col 67}{space 3} .2308837
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .5728754{col 26}{space 2} .0476434{col 37}{space 1}   12.02{col 46}{space 3}0.000{col 54}{space 4} .4793715{col 67}{space 3} .6663794
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    11904{col 27}{space 1}    11904{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       47{col 27}{space 1}        1{col 39}{result}{space 1}       46{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table4_2: reghdfe tb_t4_dum i.t0##i.outcome_liq i.t1##i.outcome_liq i.t2##i.outcome_liq i.t3plus##i.outcome_liq if chapterPrior==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 499 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.outcome_liq{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: 1.outcome_liq omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   108,956
{txt}Absorbing 3 HDFE groups{col 51}F({res}   8{txt},{res}    493{txt}){col 67}= {res}     11.61
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4330
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3722
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0677
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       494{txt}{col 51}Root MSE{col 67}= {res}    0.3958

{txt}{ralign 78:(Std. err. adjusted for {res:494} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   tb_t4_dum{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}1.t0 {c |}{col 14}{res}{space 2} -.136097{col 26}{space 2} .0700905{col 37}{space 1}   -1.94{col 46}{space 3}0.053{col 54}{space 4}-.2738101{col 67}{space 3}  .001616
{txt}1.outcome_~q {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 10}t0#{c |}
{space 1}outcome_liq {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}-.3169476{col 26}{space 2} .1636279{col 37}{space 1}   -1.94{col 46}{space 3}0.053{col 54}{space 4}-.6384417{col 67}{space 3} .0045464
{txt}{space 12} {c |}
{space 8}1.t1 {c |}{col 14}{res}{space 2}-.1979365{col 26}{space 2} .0653876{col 37}{space 1}   -3.03{col 46}{space 3}0.003{col 54}{space 4}-.3264094{col 67}{space 3}-.0694637
{txt}{space 12} {c |}
{space 10}t1#{c |}
{space 1}outcome_liq {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}-.3143663{col 26}{space 2} .1662247{col 37}{space 1}   -1.89{col 46}{space 3}0.059{col 54}{space 4}-.6409625{col 67}{space 3} .0122298
{txt}{space 12} {c |}
{space 8}1.t2 {c |}{col 14}{res}{space 2}-.1073686{col 26}{space 2} .0807995{col 37}{space 1}   -1.33{col 46}{space 3}0.185{col 54}{space 4}-.2661224{col 67}{space 3} .0513853
{txt}{space 12} {c |}
{space 10}t2#{c |}
{space 1}outcome_liq {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} -.298219{col 26}{space 2} .1990249{col 37}{space 1}   -1.50{col 46}{space 3}0.135{col 54}{space 4}-.6892605{col 67}{space 3} .0928226
{txt}{space 12} {c |}
{space 4}1.t3plus {c |}{col 14}{res}{space 2} .0957621{col 26}{space 2} .0824075{col 37}{space 1}    1.16{col 46}{space 3}0.246{col 54}{space 4}-.0661511{col 67}{space 3} .2576753
{txt}{space 12} {c |}
{space 6}t3plus#{c |}
{space 1}outcome_liq {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}-.3400573{col 26}{space 2} .1871678{col 37}{space 1}   -1.82{col 46}{space 3}0.070{col 54}{space 4}-.7078023{col 67}{space 3} .0276876
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .5636329{col 26}{space 2} .0446632{col 37}{space 1}   12.62{col 46}{space 3}0.000{col 54}{space 4} .4758793{col 67}{space 3} .6513866
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    10216{col 27}{space 1}    10216{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      285{col 27}{space 1}        0{col 39}{result}{space 1}      285{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       47{col 27}{space 1}        1{col 39}{result}{space 1}       46{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table4_3: reghdfe tb_t4_dum i.t0##i.outcome_indep i.t1##i.outcome_indep i.t2##i.outcome_indep i.t3plus##i.outcome_indep if chapterPrior==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 499 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.outcome_indep{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: 1.outcome_indep omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   108,956
{txt}Absorbing 3 HDFE groups{col 51}F({res}   8{txt},{res}    493{txt}){col 67}= {res}      9.04
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4244
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3626
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0534
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       494{txt}{col 51}Root MSE{col 67}= {res}    0.3988

{txt}{ralign 78:(Std. err. adjusted for {res:494} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   tb_t4_dum{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}1.t0 {c |}{col 14}{res}{space 2}-.3307243{col 26}{space 2} .1509766{col 37}{space 1}   -2.19{col 46}{space 3}0.029{col 54}{space 4}-.6273611{col 67}{space 3}-.0340874
{txt}1.outcome_~p {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 10}t0#{c |}
outcome_in~p {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}  .181829{col 26}{space 2} .1585816{col 37}{space 1}    1.15{col 46}{space 3}0.252{col 54}{space 4}-.1297502{col 67}{space 3} .4934082
{txt}{space 12} {c |}
{space 8}1.t1 {c |}{col 14}{res}{space 2}-.3861976{col 26}{space 2} .1598681{col 37}{space 1}   -2.42{col 46}{space 3}0.016{col 54}{space 4}-.7003045{col 67}{space 3}-.0720907
{txt}{space 12} {c |}
{space 10}t1#{c |}
outcome_in~p {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .1718922{col 26}{space 2} .1584806{col 37}{space 1}    1.08{col 46}{space 3}0.279{col 54}{space 4}-.1394885{col 67}{space 3} .4832729
{txt}{space 12} {c |}
{space 8}1.t2 {c |}{col 14}{res}{space 2}-.2492875{col 26}{space 2} .1945629{col 37}{space 1}   -1.28{col 46}{space 3}0.201{col 54}{space 4}-.6315622{col 67}{space 3} .1329872
{txt}{space 12} {c |}
{space 10}t2#{c |}
outcome_in~p {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .1039053{col 26}{space 2} .1894095{col 37}{space 1}    0.55{col 46}{space 3}0.584{col 54}{space 4}-.2682441{col 67}{space 3} .4760547
{txt}{space 12} {c |}
{space 4}1.t3plus {c |}{col 14}{res}{space 2}-.0645075{col 26}{space 2}  .194601{col 37}{space 1}   -0.33{col 46}{space 3}0.740{col 54}{space 4}-.4468572{col 67}{space 3} .3178422
{txt}{space 12} {c |}
{space 6}t3plus#{c |}
outcome_in~p {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .1308971{col 26}{space 2} .1805196{col 37}{space 1}    0.73{col 46}{space 3}0.469{col 54}{space 4}-.2237856{col 67}{space 3} .4855797
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .5618891{col 26}{space 2}  .049864{col 37}{space 1}   11.27{col 46}{space 3}0.000{col 54}{space 4} .4639169{col 67}{space 3} .6598613
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    10216{col 27}{space 1}    10216{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      285{col 27}{space 1}        0{col 39}{result}{space 1}      285{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       47{col 27}{space 1}        1{col 39}{result}{space 1}       46{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table4_4: reghdfe tb_t4_dum i.t0##i.outcome_fbuy i.t1##i.outcome_fbuy i.t2##i.outcome_fbuy i.t3plus##i.outcome_fbuy if chapterPrior==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 499 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.outcome_fbuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: 1.outcome_fbuy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   108,956
{txt}Absorbing 3 HDFE groups{col 51}F({res}   8{txt},{res}    493{txt}){col 67}= {res}      8.41
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4220
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3600
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0495
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       494{txt}{col 51}Root MSE{col 67}= {res}    0.3996

{txt}{ralign 78:(Std. err. adjusted for {res:494} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   tb_t4_dum{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}1.t0 {c |}{col 14}{res}{space 2}-.2179649{col 26}{space 2} .0968244{col 37}{space 1}   -2.25{col 46}{space 3}0.025{col 54}{space 4}-.4082043{col 67}{space 3}-.0277256
{txt}1.outco~fbuy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 10}t0#{c |}
outcome_fbuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}-.0098039{col 26}{space 2} .1183239{col 37}{space 1}   -0.08{col 46}{space 3}0.934{col 54}{space 4}-.2422852{col 67}{space 3} .2226774
{txt}{space 12} {c |}
{space 8}1.t1 {c |}{col 14}{res}{space 2}-.2829215{col 26}{space 2} .1001927{col 37}{space 1}   -2.82{col 46}{space 3}0.005{col 54}{space 4}-.4797789{col 67}{space 3}-.0860642
{txt}{space 12} {c |}
{space 10}t1#{c |}
outcome_fbuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .0379792{col 26}{space 2} .1276793{col 37}{space 1}    0.30{col 46}{space 3}0.766{col 54}{space 4}-.2128835{col 67}{space 3} .2888419
{txt}{space 12} {c |}
{space 8}1.t2 {c |}{col 14}{res}{space 2}-.1992979{col 26}{space 2} .1157459{col 37}{space 1}   -1.72{col 46}{space 3}0.086{col 54}{space 4}-.4267139{col 67}{space 3} .0281182
{txt}{space 12} {c |}
{space 10}t2#{c |}
outcome_fbuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .2239399{col 26}{space 2} .1766096{col 37}{space 1}    1.27{col 46}{space 3}0.205{col 54}{space 4}-.1230605{col 67}{space 3} .5709403
{txt}{space 12} {c |}
{space 4}1.t3plus {c |}{col 14}{res}{space 2} .0089037{col 26}{space 2} .1123049{col 37}{space 1}    0.08{col 46}{space 3}0.937{col 54}{space 4}-.2117516{col 67}{space 3}  .229559
{txt}{space 12} {c |}
{space 6}t3plus#{c |}
outcome_fbuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}  .138864{col 26}{space 2} .1447609{col 37}{space 1}    0.96{col 46}{space 3}0.338{col 54}{space 4}-.1455604{col 67}{space 3} .4232884
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .5626834{col 26}{space 2} .0523736{col 37}{space 1}   10.74{col 46}{space 3}0.000{col 54}{space 4} .4597804{col 67}{space 3} .6655864
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    10216{col 27}{space 1}    10216{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      285{col 27}{space 1}        0{col 39}{result}{space 1}      285{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       47{col 27}{space 1}        1{col 39}{result}{space 1}       46{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table4_5: reghdfe tb_t4_dum i.t0##i.outcome_obuy i.t1##i.outcome_obuy i.t2##i.outcome_obuy i.t3plus##i.outcome_obuy if chapterPrior==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 499 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.outcome_obuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: 1.outcome_obuy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   108,956
{txt}Absorbing 3 HDFE groups{col 51}F({res}   8{txt},{res}    493{txt}){col 67}= {res}      9.85
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4240
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3622
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0529
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       494{txt}{col 51}Root MSE{col 67}= {res}    0.3989

{txt}{ralign 78:(Std. err. adjusted for {res:494} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   tb_t4_dum{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}1.t0 {c |}{col 14}{res}{space 2}-.2345983{col 26}{space 2}  .100167{col 37}{space 1}   -2.34{col 46}{space 3}0.020{col 54}{space 4}-.4314051{col 67}{space 3}-.0377915
{txt}1.outco~obuy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 10}t0#{c |}
outcome_obuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .1452204{col 26}{space 2} .1288852{col 37}{space 1}    1.13{col 46}{space 3}0.260{col 54}{space 4}-.1080116{col 67}{space 3} .3984524
{txt}{space 12} {c |}
{space 8}1.t1 {c |}{col 14}{res}{space 2}-.3064088{col 26}{space 2} .1023517{col 37}{space 1}   -2.99{col 46}{space 3}0.003{col 54}{space 4}-.5075082{col 67}{space 3}-.1053094
{txt}{space 12} {c |}
{space 10}t1#{c |}
outcome_obuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .2335844{col 26}{space 2} .1238681{col 37}{space 1}    1.89{col 46}{space 3}0.060{col 54}{space 4}-.0097901{col 67}{space 3} .4769588
{txt}{space 12} {c |}
{space 8}1.t2 {c |}{col 14}{res}{space 2}-.2105224{col 26}{space 2} .1195069{col 37}{space 1}   -1.76{col 46}{space 3}0.079{col 54}{space 4} -.445328{col 67}{space 3} .0242832
{txt}{space 12} {c |}
{space 10}t2#{c |}
outcome_obuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .2181087{col 26}{space 2} .1334815{col 37}{space 1}    1.63{col 46}{space 3}0.103{col 54}{space 4}-.0441541{col 67}{space 3} .4803715
{txt}{space 12} {c |}
{space 4}1.t3plus {c |}{col 14}{res}{space 2}-.0106349{col 26}{space 2} .1146536{col 37}{space 1}   -0.09{col 46}{space 3}0.926{col 54}{space 4}-.2359049{col 67}{space 3}  .214635
{txt}{space 12} {c |}
{space 6}t3plus#{c |}
outcome_obuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2} .2249398{col 26}{space 2} .1099303{col 37}{space 1}    2.05{col 46}{space 3}0.041{col 54}{space 4} .0089502{col 67}{space 3} .4409295
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .5629843{col 26}{space 2} .0512276{col 37}{space 1}   10.99{col 46}{space 3}0.000{col 54}{space 4} .4623329{col 67}{space 3} .6636358
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    10216{col 27}{space 1}    10216{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      285{col 27}{space 1}        0{col 39}{result}{space 1}      285{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       47{col 27}{space 1}        1{col 39}{result}{space 1}       46{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table4_6: reghdfe tb_t4_dum i.t0##i.nca_dummy i.t1##i.nca_dummy i.t2##i.nca_dummy i.t3plus##i.nca_dummy if chapterPrior==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 519 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.nca_dummy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: 1.nca_dummy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   121,730
{txt}Absorbing 3 HDFE groups{col 51}F({res}   8{txt},{res}    792{txt}){col 67}= {res}     10.80
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4101
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3483
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0489
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       793{txt}{col 51}Root MSE{col 67}= {res}    0.4022

{txt}{ralign 78:(Std. err. adjusted for {res:793} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   tb_t4_dum{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}1.t0 {c |}{col 14}{res}{space 2} -.123031{col 26}{space 2} .0545308{col 37}{space 1}   -2.26{col 46}{space 3}0.024{col 54}{space 4}-.2300728{col 67}{space 3}-.0159891
{txt}{space 1}1.nca_dummy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
t0#nca_dummy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}-.1374392{col 26}{space 2} .0818796{col 37}{space 1}   -1.68{col 46}{space 3}0.094{col 54}{space 4} -.298166{col 67}{space 3} .0232875
{txt}{space 12} {c |}
{space 8}1.t1 {c |}{col 14}{res}{space 2}-.1462734{col 26}{space 2} .0630668{col 37}{space 1}   -2.32{col 46}{space 3}0.021{col 54}{space 4}-.2700712{col 67}{space 3}-.0224756
{txt}{space 12} {c |}
t1#nca_dummy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}-.1694573{col 26}{space 2} .0770849{col 37}{space 1}   -2.20{col 46}{space 3}0.028{col 54}{space 4}-.3207722{col 67}{space 3}-.0181425
{txt}{space 12} {c |}
{space 8}1.t2 {c |}{col 14}{res}{space 2}-.0410851{col 26}{space 2} .0737167{col 37}{space 1}   -0.56{col 46}{space 3}0.577{col 54}{space 4}-.1857884{col 67}{space 3} .1036182
{txt}{space 12} {c |}
t2#nca_dummy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}-.1903918{col 26}{space 2} .0824029{col 37}{space 1}   -2.31{col 46}{space 3}0.021{col 54}{space 4}-.3521457{col 67}{space 3}-.0286379
{txt}{space 12} {c |}
{space 4}1.t3plus {c |}{col 14}{res}{space 2}   .11909{col 26}{space 2} .0714143{col 37}{space 1}    1.67{col 46}{space 3}0.096{col 54}{space 4}-.0210937{col 67}{space 3} .2592736
{txt}{space 12} {c |}
{space 6}t3plus#{c |}
{space 3}nca_dummy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}-.1289374{col 26}{space 2} .0664886{col 37}{space 1}   -1.94{col 46}{space 3}0.053{col 54}{space 4}-.2594522{col 67}{space 3} .0015774
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .5684198{col 26}{space 2} .0472212{col 37}{space 1}   12.04{col 46}{space 3}0.000{col 54}{space 4} .4757262{col 67}{space 3} .6611134
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    inventor{col 14}{c |}{space 1}    11201{col 27}{space 1}    11201{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       47{col 27}{space 1}        1{col 39}{result}{space 1}       46{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. sum tb_t4_dum if e(sample) & Post ==0

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 3}tb_t4_dum {c |}{res}     66,153    .5957099    .4907578          0          1
{txt}
{com}. esttab table4_1 table4_2 table4_3 table4_4 table4_5 table4_6 ///
>         using "$outputfolder/T4.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T4.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T4.csv"'})

{com}. drop _est*
{txt}
{com}.  
. ** Table 5: teams & bankruptcy
. * Panel A
. eststo table5_PA_1: reghdfe LNponeInvNewo Post co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(firmbankt techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 9 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 12 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   164,456
{txt}Absorbing 3 HDFE groups{col 51}F({res}   2{txt},{res}    941{txt}){col 67}= {res}      4.27
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0142
{txt}{col 51}R-squared{col 67}= {res}    0.1180
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1111
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0009
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       942{txt}{col 51}Root MSE{col 67}= {res}    0.5161

{txt}{ralign 78:(Std. err. adjusted for {res:942} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2} -.044676{col 26}{space 2} .0158599{col 37}{space 1}   -2.82{col 46}{space 3}0.005{col 54}{space 4}-.0758009{col 67}{space 3}-.0135511
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2} .0293141{col 26}{space 2} .0217736{col 37}{space 1}    1.35{col 46}{space 3}0.179{col 54}{space 4}-.0134163{col 67}{space 3} .0720445
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .3960787{col 26}{space 2} .0078555{col 37}{space 1}   50.42{col 46}{space 3}0.000{col 54}{space 4} .3806623{col 67}{space 3} .4114951
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      942{col 27}{space 1}      942{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table5_PA_2: reghdfe LNcpInvNewo Post co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(firmbankt techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 9 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 12 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   164,456
{txt}Absorbing 3 HDFE groups{col 51}F({res}   2{txt},{res}    941{txt}){col 67}= {res}      2.22
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.1090
{txt}{col 51}R-squared{col 67}= {res}    0.1849
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1785
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0003
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       942{txt}{col 51}Root MSE{col 67}= {res}    1.1699

{txt}{ralign 78:(Std. err. adjusted for {res:942} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}-.0470239{col 26}{space 2} .0228977{col 37}{space 1}   -2.05{col 46}{space 3}0.040{col 54}{space 4}-.0919603{col 67}{space 3}-.0020875
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2} .0493408{col 26}{space 2} .0354842{col 37}{space 1}    1.39{col 46}{space 3}0.165{col 54}{space 4}-.0202965{col 67}{space 3} .1189781
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .8070061{col 26}{space 2} .0151057{col 37}{space 1}   53.42{col 46}{space 3}0.000{col 54}{space 4} .7773613{col 67}{space 3} .8366509
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      942{col 27}{space 1}      942{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table5_PA_3: reghdfe LNponeInvNewo Post co_bt1 P_cobt1 if year>=1980 & year<=2015 & t1010==1, absorb(firmbankt techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 9 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 12 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   164,456
{txt}Absorbing 3 HDFE groups{col 51}F({res}   3{txt},{res}    941{txt}){col 67}= {res}      8.34
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1185
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1115
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0014
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       942{txt}{col 51}Root MSE{col 67}= {res}    0.5160

{txt}{ralign 78:(Std. err. adjusted for {res:942} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}-.0161296{col 26}{space 2} .0137975{col 37}{space 1}   -1.17{col 46}{space 3}0.243{col 54}{space 4} -.043207{col 67}{space 3} .0109479
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2} .0534182{col 26}{space 2} .0235854{col 37}{space 1}    2.26{col 46}{space 3}0.024{col 54}{space 4} .0071321{col 67}{space 3} .0997043
{txt}{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0610045{col 26}{space 2} .0131142{col 37}{space 1}   -4.65{col 46}{space 3}0.000{col 54}{space 4} -.086741{col 67}{space 3} -.035268
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .3845271{col 26}{space 2} .0084451{col 37}{space 1}   45.53{col 46}{space 3}0.000{col 54}{space 4} .3679536{col 67}{space 3} .4011005
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      942{col 27}{space 1}      942{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table5_PA_4: reghdfe LNcpInvNewo Post co_bt1 P_cobt1 if year>=1980 & year<=2015 & t1010==1, absorb(firmbankt techyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 9 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 12 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   164,456
{txt}Absorbing 3 HDFE groups{col 51}F({res}   3{txt},{res}    941{txt}){col 67}= {res}      4.54
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0036
{txt}{col 51}R-squared{col 67}= {res}    0.1851
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1787
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0006
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       942{txt}{col 51}Root MSE{col 67}= {res}    1.1697

{txt}{ralign 78:(Std. err. adjusted for {res:942} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}-.0007331{col 26}{space 2} .0242109{col 37}{space 1}   -0.03{col 46}{space 3}0.976{col 54}{space 4}-.0482467{col 67}{space 3} .0467805
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2} .0884278{col 26}{space 2} .0428834{col 37}{space 1}    2.06{col 46}{space 3}0.039{col 54}{space 4} .0042696{col 67}{space 3} .1725861
{txt}{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0989246{col 26}{space 2} .0311655{col 37}{space 1}   -3.17{col 46}{space 3}0.002{col 54}{space 4}-.1600865{col 67}{space 3}-.0377627
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .7882741{col 26}{space 2} .0187615{col 37}{space 1}   42.02{col 46}{space 3}0.000{col 54}{space 4} .7514549{col 67}{space 3} .8250933
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      942{col 27}{space 1}      942{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    techyear{col 14}{c |}{space 1}      288{col 27}{space 1}        0{col 39}{result}{space 1}      288{col 53}{text} {col 54}{c |}
{res}{col 1}{text}   actYrRoll{col 14}{c |}{space 1}       51{col 27}{space 1}        1{col 39}{result}{space 1}       50{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. esttab table5_PA_1 table5_PA_2 table5_PA_3 table5_PA_4 ///
>         using "$outputfolder/T5_PA.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         keep(Post co_bt1 P_cobt1)  ///
>         order(Post co_bt1 P_cobt1) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T5_PA.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T5_PA.csv"'})

{com}. drop _est*
{txt}
{com}. * Panel B
. eststo table5_PB_1: reghdfe LNponeInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    753{txt}){col 67}= {res}      9.65
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0020
{txt}{col 51}R-squared{col 67}= {res}    0.4561
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3552
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0003
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    0.4429

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0468627{col 26}{space 2} .0150832{col 37}{space 1}   -3.11{col 46}{space 3}0.002{col 54}{space 4}-.0764728{col 67}{space 3}-.0172525
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .4012273{col 26}{space 2} .0025822{col 37}{space 1}  155.38{col 46}{space 3}0.000{col 54}{space 4}  .396158{col 67}{space 3} .4062965
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table5_PB_2: reghdfe LNcpInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    753{txt}){col 67}= {res}      6.51
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0109
{txt}{col 51}R-squared{col 67}= {res}    0.4470
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3444
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0002
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    1.0392

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.1037333{col 26}{space 2} .0406656{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4}-.1835647{col 67}{space 3}-.0239019
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .8207821{col 26}{space 2} .0069619{col 37}{space 1}  117.90{col 46}{space 3}0.000{col 54}{space 4}  .807115{col 67}{space 3} .8344492
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table5_PB_3: reghdfe LNponeInvNewo i.t0##c.co_bt1 i.t1##c.co_bt1 i.t2##c.co_bt1 i.t3##c.co_bt1 i.t4##c.co_bt1 i.t5plus##c.co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.t0{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t5plus{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: 1.t0 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t1 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t2 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t3 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t4 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t5plus omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}   6{txt},{res}    753{txt}){col 67}= {res}      8.86
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4561
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3552
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0004
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    0.4429

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}1.t0 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t0#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0244214{col 26}{space 2} .0136168{col 37}{space 1}   -1.79{col 46}{space 3}0.073{col 54}{space 4}-.0511527{col 67}{space 3}   .00231
{txt}{space 12} {c |}
{space 8}1.t1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t1#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0201433{col 26}{space 2} .0142686{col 37}{space 1}   -1.41{col 46}{space 3}0.158{col 54}{space 4}-.0481542{col 67}{space 3} .0078677
{txt}{space 12} {c |}
{space 8}1.t2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t2#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0719546{col 26}{space 2} .0129676{col 37}{space 1}   -5.55{col 46}{space 3}0.000{col 54}{space 4}-.0974116{col 67}{space 3}-.0464976
{txt}{space 12} {c |}
{space 8}1.t3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t3#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0701232{col 26}{space 2} .0202221{col 37}{space 1}   -3.47{col 46}{space 3}0.001{col 54}{space 4}-.1098215{col 67}{space 3}-.0304248
{txt}{space 12} {c |}
{space 8}1.t4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t4#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0735673{col 26}{space 2} .0209939{col 37}{space 1}   -3.50{col 46}{space 3}0.000{col 54}{space 4}-.1147809{col 67}{space 3}-.0323537
{txt}{space 12} {c |}
{space 4}1.t5plus {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 6}t5plus#{c |}
{space 4}c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0435658{col 26}{space 2}   .02438{col 37}{space 1}   -1.79{col 46}{space 3}0.074{col 54}{space 4}-.0914265{col 67}{space 3}  .004295
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .4027289{col 26}{space 2} .0027871{col 37}{space 1}  144.50{col 46}{space 3}0.000{col 54}{space 4} .3972576{col 67}{space 3} .4082003
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table5_PB_4: reghdfe LNcpInvNewo i.t0##c.co_bt1 i.t1##c.co_bt1 i.t2##c.co_bt1 i.t3##c.co_bt1 i.t4##c.co_bt1 i.t5plus##c.co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.t0{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t2{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t3{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t4{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.t5plus{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: 1.t0 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t1 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t2 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t3 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t4 omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: 1.t5plus omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}   6{txt},{res}    753{txt}){col 67}= {res}      5.58
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4471
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3445
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    1.0391

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}1.t0 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t0#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1382701{col 26}{space 2} .0375338{col 37}{space 1}   -3.68{col 46}{space 3}0.000{col 54}{space 4}-.2119535{col 67}{space 3}-.0645867
{txt}{space 12} {c |}
{space 8}1.t1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t1#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0751297{col 26}{space 2} .0560931{col 37}{space 1}   -1.34{col 46}{space 3}0.181{col 54}{space 4}-.1852472{col 67}{space 3} .0349878
{txt}{space 12} {c |}
{space 8}1.t2 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t2#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2} -.186561{col 26}{space 2} .0435555{col 37}{space 1}   -4.28{col 46}{space 3}0.000{col 54}{space 4}-.2720656{col 67}{space 3}-.1010563
{txt}{space 12} {c |}
{space 8}1.t3 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t3#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1915227{col 26}{space 2} .0467651{col 37}{space 1}   -4.10{col 46}{space 3}0.000{col 54}{space 4}-.2833282{col 67}{space 3}-.0997172
{txt}{space 12} {c |}
{space 8}1.t4 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 1}t4#c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1650173{col 26}{space 2} .0553754{col 37}{space 1}   -2.98{col 46}{space 3}0.003{col 54}{space 4}-.2737258{col 67}{space 3}-.0563089
{txt}{space 12} {c |}
{space 4}1.t5plus {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 6}t5plus#{c |}
{space 4}c.co_bt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0924195{col 26}{space 2} .0540222{col 37}{space 1}   -1.71{col 46}{space 3}0.088{col 54}{space 4}-.1984714{col 67}{space 3} .0136325
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .8288982{col 26}{space 2} .0082611{col 37}{space 1}  100.34{col 46}{space 3}0.000{col 54}{space 4} .8126807{col 67}{space 3} .8451157
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. esttab table5_PB_1 table5_PB_2 table5_PB_3 table5_PB_4 ///
>         using "$outputfolder/T5_PB.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T5_PB.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T5_PB.csv"'})

{com}. drop _est*
{txt}
{com}. 
. ** Table 6: robustness
. * spec 1: star inventors
. eststo table6_1: reghdfe LNponeInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1 & quinPone>90, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 4119 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 20 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    68,708
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    372{txt}){col 67}= {res}      6.04
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0144
{txt}{col 51}R-squared{col 67}= {res}    0.4137
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2992
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0004
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       373{txt}{col 51}Root MSE{col 67}= {res}    0.5523

{txt}{ralign 78:(Std. err. adjusted for {res:373} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0762278{col 26}{space 2} .0310114{col 37}{space 1}   -2.46{col 46}{space 3}0.014{col 54}{space 4}-.1372076{col 67}{space 3}-.0152481
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .6075727{col 26}{space 2} .0057626{col 37}{space 1}  105.43{col 46}{space 3}0.000{col 54}{space 4} .5962413{col 67}{space 3}  .618904
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}     4857{col 29}{space 1}     4857{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     6032{col 29}{space 1}     6032{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * spec 2: below median R&D
. preserve
{txt}
{com}. reghdfe LNponeInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    753{txt}){col 67}= {res}      9.65
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0020
{txt}{col 51}R-squared{col 67}= {res}    0.4561
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3552
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0003
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    0.4429

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0468627{col 26}{space 2} .0150832{col 37}{space 1}   -3.11{col 46}{space 3}0.002{col 54}{space 4}-.0764728{col 67}{space 3}-.0172525
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .4012273{col 26}{space 2} .0025822{col 37}{space 1}  155.38{col 46}{space 3}0.000{col 54}{space 4}  .396158{col 67}{space 3} .4062965
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. keep if e(sample) 
{txt}(66,074 observations deleted)

{com}. keep if t_3==1
{txt}(145,875 observations deleted)

{com}. keep combid rdat
{txt}
{com}. duplicates drop

{p 0 4}{txt}Duplicates in terms of {txt} all variables{p_end}

(10,849 observations deleted)

{com}. sum rdat, d

                        {txt}R&D / assets
{hline 61}
      Percentiles      Smallest
 1%    {res}        0              0
{txt} 5%    {res}        0              0
{txt}10%    {res}        0              0       {txt}Obs         {res}        390
{txt}25%    {res} .0040914              0       {txt}Sum of wgt. {res}        390

{txt}50%    {res}  .049815                      {txt}Mean          {res} .1437573
                        {txt}Largest       Std. dev.     {res}  .259345
{txt}75%    {res} .1681958       1.249258
{txt}90%    {res} .3963794       1.841312       {txt}Variance      {res} .0672599
{txt}95%    {res} .6193877       1.935931       {txt}Skewness      {res} 3.749725
{txt}99%    {res} 1.249258       1.993351       {txt}Kurtosis      {res} 21.43509
{txt}
{com}. restore
{txt}
{com}. g rdat0temp =1 if rdat<.049815 & t_3==1
{txt}(218,895 missing values generated)

{com}. bysort inventor (year): egen rdat0 = total(rdat0temp)
{txt}
{com}. drop rdat0temp
{txt}
{com}. eststo table6_2: reghdfe LNponeInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1 & rdat0==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 1895 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    58,054
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    176{txt}){col 67}= {res}     10.92
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0012
{txt}{col 51}R-squared{col 67}= {res}    0.4534
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3673
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0003
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       177{txt}{col 51}Root MSE{col 67}= {res}    0.4557

{txt}{ralign 78:(Std. err. adjusted for {res:177} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0535227{col 26}{space 2} .0161937{col 37}{space 1}   -3.31{col 46}{space 3}0.001{col 54}{space 4}-.0854815{col 67}{space 3}-.0215639
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .4055432{col 26}{space 2} .0035399{col 37}{space 1}  114.56{col 46}{space 3}0.000{col 54}{space 4}  .398557{col 67}{space 3} .4125294
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}     4747{col 29}{space 1}     4747{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     2814{col 29}{space 1}     2814{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * spec 3: ln(citations)
. eststo table6_3: reghdfe LNconeInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    753{txt}){col 67}= {res}      8.13
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0045
{txt}{col 51}R-squared{col 67}= {res}    0.4573
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3566
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0003
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    1.2061

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNconeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.1373873{col 26}{space 2} .0481699{col 37}{space 1}   -2.85{col 46}{space 3}0.004{col 54}{space 4}-.2319506{col 67}{space 3}-.0428241
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .9722123{col 26}{space 2} .0082467{col 37}{space 1}  117.89{col 46}{space 3}0.000{col 54}{space 4} .9560231{col 67}{space 3} .9884015
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * spec 4:ln(dollar value)
. eststo table6_4: reghdfe LNxi_nominal Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3835 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 23 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    79,090
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    385{txt}){col 67}= {res}     18.59
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4819
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3701
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0011
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       386{txt}{col 51}Root MSE{col 67}= {res}    1.0242

{txt}{ralign 78:(Std. err. adjusted for {res:386} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNxi_nominal{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.2403013{col 26}{space 2} .0557399{col 37}{space 1}   -4.31{col 46}{space 3}0.000{col 54}{space 4}-.3498941{col 67}{space 3}-.1307085
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2}  .808667{col 26}{space 2} .0065449{col 37}{space 1}  123.56{col 46}{space 3}0.000{col 54}{space 4} .7957987{col 67}{space 3} .8215353
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    10531{col 29}{space 1}    10531{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     3172{col 29}{space 1}     3172{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       50{col 29}{space 1}        1{col 41}{result}{space 1}       49{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * spec 5: control for tenure
. eststo table6_5: reghdfe LNponeInvNewo Post P_cobt1 co_bt1 c.Post##c.BanktTenure if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6515 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}BanktTenure{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{txt}note: Post omitted because of collinearity
{txt}note: BanktTenure omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   157,950
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    753{txt}){col 67}= {res}      4.95
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0073
{txt}{col 51}R-squared{col 67}= {res}    0.4561
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3552
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0003
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       754{txt}{col 51}Root MSE{col 67}= {res}    0.4429

{txt}{ralign 78:(Std. err. adjusted for {res:754} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0449129{col 26}{space 2} .0150354{col 37}{space 1}   -2.99{col 46}{space 3}0.003{col 54}{space 4}-.0744291{col 67}{space 3}-.0153966
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}BanktTenure {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 6}c.Post#{c |}
{space 10}c. {c |}
{space 1}BanktTenure {c |}{col 14}{res}{space 2}-.0006393{col 26}{space 2} .0011611{col 37}{space 1}   -0.55{col 46}{space 3}0.582{col 54}{space 4}-.0029187{col 67}{space 3}   .00164
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .4022243{col 26}{space 2} .0032663{col 37}{space 1}  123.14{col 46}{space 3}0.000{col 54}{space 4} .3958122{col 67}{space 3} .4086365
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13588{col 29}{space 1}    13588{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10790{col 29}{space 1}    10790{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * spec 6: include all nontreated inventors
. keep inventor year Post co_bt1 P_cobt1 t1010 firmbankt
{txt}
{com}. duplicates drop

{p 0 4}{txt}Duplicates in terms of {txt} all variables{p_end}

(0 observations are duplicates)

{com}. so inventor year
{txt}
{com}. tempfile temp
{txt}
{com}. save `temp'
{txt}{p 0 4 2}
file {bf}
/var/folders/db/ftk0vcgs1ngb1kb95c2w9t840000gn/T//S_03817.000002{rm}
saved
as .dta format
{p_end}

{com}. use "$datafolder/table2_data.dta", clear // dataset from Table 2 - all treated and nontreated
{txt}
{com}. so inventor year
{txt}
{com}. merge 1:1 inventor year using `temp'
{res}
{txt}{col 5}Result{col 33}Number of obs
{col 5}{hline 41}
{col 5}Not matched{col 30}{res}       9,711,268
{txt}{col 9}from master{col 30}{res}       9,711,268{txt}  (_merge==1)
{col 9}from using{col 30}{res}               0{txt}  (_merge==2)

{col 5}Matched{col 30}{res}         224,024{txt}  (_merge==3)
{col 5}{hline 41}

{com}. drop _m
{txt}
{com}. egen techyear = group(cpc1 year)
{txt}(102,342 missing values generated)

{com}. bysort inventor (year): egen startYr = min(year)
{txt}
{com}. g actYrRoll = year-startYr+1 if startYr~=.
{txt}
{com}. sum actYrRoll

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 3}actYrRoll {c |}{res}  9,935,292    9.179252    8.179878          1         67
{txt}
{com}. replace Post = 0 if Post ==.
{txt}(9,150,684 real changes made)

{com}. replace P_cobt1 = 0 if P_cobt1 ==.
{txt}(9,711,268 real changes made)

{com}. replace co_bt1 = 0 if co_bt1 ==.
{txt}(9,711,268 real changes made)

{com}. replace t1010=0 if t1010==.
{txt}(9,765,910 real changes made)

{com}. replace firmbankt = 0 if firmbankt==.
{txt}(9,711,268 real changes made)

{com}. gen LNponeInvNewo = ln(1+poneInvNewo)
{txt}(823 missing values generated)

{com}. eststo table6_6: reghdfe LNponeInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & ((TreatedD==1 & t1010==1) | (TreatedD==0 & experience>1)), absorb(inventor techyear firmbankt#year actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 5979 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res} 8,107,175
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    719{txt}){col 67}= {res}      7.80
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0054
{txt}{col 51}R-squared{col 67}= {res}    0.3986
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3371
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0000
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       720{txt}{col 51}Root MSE{col 67}= {res}    0.4104

{txt}{ralign 78:(Std. err. adjusted for {res:720} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2} -.042556{col 26}{space 2} .0152393{col 37}{space 1}   -2.79{col 46}{space 3}0.005{col 54}{space 4}-.0724749{col 67}{space 3}-.0126371
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .3476876{col 26}{space 2} .0000508{col 37}{space 1} 6840.22{col 46}{space 3}0.000{col 54}{space 4} .3475878{col 67}{space 3} .3477874
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 18}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}      Absorbed FE{col 19}{c |} Categories{col 32} - Redundant{col 44}  = Num. Coefs{col 59}{c |}
{res}{col 1}{text}{hline 18}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}         inventor{col 19}{c |}{space 1}   741196{col 32}{space 1}   741196{col 44}{result}{space 1}        0{col 58}{text}*{col 59}{c |}
{res}{col 1}{text}         techyear{col 19}{c |}{space 1}      308{col 32}{space 1}        0{col 44}{result}{space 1}      308{col 58}{text} {col 59}{c |}
{res}{col 1}{text}   firmbankt#year{col 19}{c |}{space 1}    10629{col 32}{space 1}    10629{col 44}{result}{space 1}        0{col 58}{text}*{col 59}{c |}
{res}{col 1}{text}        actYrRoll{col 19}{c |}{space 1}       63{col 32}{space 1}        1{col 44}{result}{space 1}       62{col 58}{text} {col 59}{c |}
{res}{col 1}{text}{hline 18}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * spec 7: treated = at bankrupt firm one year prior to bankruptcy
. use "$datafolder/main_dataset.dta", clear
{txt}(Patents granted through 2006)

{com}. so inventor
{txt}
{com}. merge m:1 inventor using "$datafolder/indata_t_1"
{res}
{txt}{col 5}Result{col 33}Number of obs
{col 5}{hline 41}
{col 5}Not matched{col 30}{res}          67,261
{txt}{col 9}from master{col 30}{res}          67,261{txt}  (_merge==1)
{col 9}from using{col 30}{res}               0{txt}  (_merge==2)

{col 5}Matched{col 30}{res}         156,763{txt}  (_merge==3)
{col 5}{hline 41}

{com}. keep if _m==3
{txt}(67,261 observations deleted)

{com}. drop _m
{txt}
{com}. eststo table6_7: reghdfe LNponeInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 4782 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}co_bt1{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{txt}note: co_bt1 omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   111,653
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    481{txt}){col 67}= {res}     16.28
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0001
{txt}{col 51}R-squared{col 67}= {res}    0.4603
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3646
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0006
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    0.4462

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2} -.065612{col 26}{space 2} .0162629{col 37}{space 1}   -4.03{col 46}{space 3}0.000{col 54}{space 4} -.097567{col 67}{space 3}-.0336569
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .4000107{col 26}{space 2} .0029806{col 37}{space 1}  134.20{col 46}{space 3}0.000{col 54}{space 4} .3941541{col 67}{space 3} .4058673
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}     9027{col 29}{space 1}     9027{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7442{col 29}{space 1}     7442{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * Poisson model
. use "$datafolder/main_dataset.dta", clear
{txt}(Patents granted through 2006)

{com}. eststo table6_8: ppmlhdfe poneInvNewo Post P_cobt1 co_bt1 if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 17861 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}note: 2 variables omitted because of collinearity: {res}Post co_bt1{txt}
{res}{txt} $$ Stopping (no negative residuals); separation found in {res}0{txt} observations (1 iterations and 29 subiterations)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.7136e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}9{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.69  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.5493e+05 {col 39}{txt}eps = {res}1.06e-01 {txt}{col 55}{txt}iters = {res}7{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -5.08  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.5396e+05 {col 39}{txt}eps = {res}6.28e-03 {txt}{col 55}{txt}iters = {res}6{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -6.30  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.5394e+05 {col 39}{txt}eps = {res}1.28e-04 {txt}{col 55}{txt}iters = {res}6{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -7.31  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.5394e+05 {col 39}{txt}eps = {res}9.09e-07 {txt}{col 55}{txt}iters = {res}4{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -8.07  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.5394e+05 {col 39}{txt}eps = {res}1.82e-07 {txt}{col 55}{txt}iters = {res}7{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -9.07  {txt} S  
{txt}{col  0}Iteration 7:{txt}{col 16}deviance = {res}1.5394e+05 {col 39}{txt}eps = {res}6.66e-08 {txt}{col 55}{txt}iters = {res}15{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}-10.07  {txt} S  
{txt}{col  0}Iteration 8:{txt}{col 16}deviance = {res}1.5394e+05 {col 39}{txt}eps = {res}2.45e-08 {txt}{col 55}{txt}iters = {res}11{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}-11.07  {txt} S  
{txt}{col  0}Iteration 9:{txt}{col 16}deviance = {res}1.5394e+05 {col 39}{txt}eps = {res}9.00e-09 {txt}{col 55}{txt}iters = {res}14{col 68}{txt}tol ={res} 1.0e-09{col 82}{txt} min(eta) = {res}-12.07  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 9 iterations and 79 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}   146,604
{txt}Absorbing 4 HDFE groups{col 51}Residual df{col 67}={col 69}{res}       739
{txt}Statistics robust to heteroskedasticity{col 51}Wald chi2({res}1{txt}){col 67}={col 69}{res}     14.00
{txt}Deviance{col 22}={col 24}{res} 153940.7824{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0002
{txt}Log pseudolikelihood ={col 24}{res}-153248.8672{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.3327
{txt}
Number of clusters ({res}firmbankt{txt}){col 29}={col 31}{res}       740
{txt}{ralign 78:(Std. err. adjusted for {res:740} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} poneInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      z{col 46}   P>|z|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.2954347{col 26}{space 2} .0789538{col 37}{space 1}   -3.74{col 46}{space 3}0.000{col 54}{space 4}-.4501812{col 67}{space 3}-.1406881
{txt}{space 6}co_bt1 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2} .5126688{col 26}{space 2} .0132529{col 37}{space 1}   38.68{col 46}{space 3}0.000{col 54}{space 4} .4866935{col 67}{space 3}  .538644
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13445{col 29}{space 1}    13445{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7872{col 29}{space 1}     7872{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       48{col 29}{space 1}        1{col 41}{result}{space 1}       47{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. esttab table6_1 table6_2 table6_3 table6_4 table6_5 table6_6 table6_7 table6_8 ///
>         using "$outputfolder/T6.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T6.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T6.csv"'})

{com}. drop _est*
{txt}
{com}. 
. ** Table 7: stop inventing
. use "$datafolder/table7_data.dta", clear
{txt}
{com}. eststo table7_1: reghdfe live1 co_bt1 if min~=max & year>=1980 & year<=2015 & inventorlevel ==1, vce(cl firmbankt) a(firmbankt cpc experience)
{res}{txt}(dropped 58 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 10 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    12,089
{txt}Absorbing 3 HDFE groups{col 51}F({res}   1{txt},{res}    682{txt}){col 67}= {res}     33.16
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3925
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3537
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0165
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       683{txt}{col 51}Root MSE{col 67}= {res}    0.3572

{txt}{ralign 78:(Std. err. adjusted for {res:683} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       live1{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}co_bt1 {c |}{col 14}{res}{space 2}-.1275685{col 26}{space 2} .0221525{col 37}{space 1}   -5.76{col 46}{space 3}0.000{col 54}{space 4}-.1710638{col 67}{space 3}-.0840731
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .7926697{col 26}{space 2} .0110116{col 37}{space 1}   71.99{col 46}{space 3}0.000{col 54}{space 4} .7710491{col 67}{space 3} .8142904
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      683{col 27}{space 1}      683{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}         cpc{col 14}{c |}{space 1}        8{col 27}{space 1}        0{col 39}{result}{space 1}        8{col 53}{text} {col 54}{c |}
{res}{col 1}{text}  experience{col 14}{c |}{space 1}       35{col 27}{space 1}        1{col 39}{result}{space 1}       34{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. labsumm live1-live5 co_bt1 if e(sample) 
{txt}           Variable |   Obs      Mean  Std. Dev.      Min       Max
--------------------+----------------------------------------------
Still inventing (1) |{res} 12089   .729258   .444361         0         1
{txt}Still inventing (2) |{res} 12089   .667963   .470964         0         1
{txt}Still inventing (3) |{res} 12089   .608073   .488201         0         1
{txt}Still inventing (4) |{res} 12089   .550749   .497438         0         1
{txt}Still inventing (5) |{res} 12089   .497808   .500016         0         1
    {txt}Team dependence |{res} 12089    .49708   .441075         0         1
{txt}
{com}. eststo table7_2: reghdfe live2 co_bt1 if min~=max & year>=1980 & year<=2015 & inventorlevel ==1, vce(cl firmbankt) a(firmbankt cpc experience)
{res}{txt}(dropped 58 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 10 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    12,089
{txt}Absorbing 3 HDFE groups{col 51}F({res}   1{txt},{res}    682{txt}){col 67}= {res}     24.66
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4127
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3753
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0124
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       683{txt}{col 51}Root MSE{col 67}= {res}    0.3723

{txt}{ralign 78:(Std. err. adjusted for {res:683} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       live2{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}co_bt1 {c |}{col 14}{res}{space 2}-.1152569{col 26}{space 2}  .023209{col 37}{space 1}   -4.97{col 46}{space 3}0.000{col 54}{space 4}-.1608265{col 67}{space 3}-.0696873
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .7252545{col 26}{space 2} .0115367{col 37}{space 1}   62.86{col 46}{space 3}0.000{col 54}{space 4} .7026028{col 67}{space 3} .7479062
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      683{col 27}{space 1}      683{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}         cpc{col 14}{c |}{space 1}        8{col 27}{space 1}        0{col 39}{result}{space 1}        8{col 53}{text} {col 54}{c |}
{res}{col 1}{text}  experience{col 14}{c |}{space 1}       35{col 27}{space 1}        1{col 39}{result}{space 1}       34{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table7_3: reghdfe live3 co_bt1 if min~=max & year>=1980 & year<=2015 & inventorlevel ==1, vce(cl firmbankt) a(firmbankt cpc experience)
{res}{txt}(dropped 58 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 10 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    12,089
{txt}Absorbing 3 HDFE groups{col 51}F({res}   1{txt},{res}    682{txt}){col 67}= {res}     10.10
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0015
{txt}{col 51}R-squared{col 67}= {res}    0.4234
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3866
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0071
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       683{txt}{col 51}Root MSE{col 67}= {res}    0.3824

{txt}{ralign 78:(Std. err. adjusted for {res:683} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       live3{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}co_bt1 {c |}{col 14}{res}{space 2}-.0888757{col 26}{space 2} .0279658{col 37}{space 1}   -3.18{col 46}{space 3}0.002{col 54}{space 4}-.1437852{col 67}{space 3}-.0339662
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .6522518{col 26}{space 2} .0139013{col 37}{space 1}   46.92{col 46}{space 3}0.000{col 54}{space 4} .6249574{col 67}{space 3} .6795462
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      683{col 27}{space 1}      683{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}         cpc{col 14}{c |}{space 1}        8{col 27}{space 1}        0{col 39}{result}{space 1}        8{col 53}{text} {col 54}{c |}
{res}{col 1}{text}  experience{col 14}{c |}{space 1}       35{col 27}{space 1}        1{col 39}{result}{space 1}       34{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table7_4: reghdfe live4 co_bt1 if min~=max & year>=1980 & year<=2015 & inventorlevel ==1, vce(cl firmbankt) a(firmbankt cpc experience)
{res}{txt}(dropped 58 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 10 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    12,089
{txt}Absorbing 3 HDFE groups{col 51}F({res}   1{txt},{res}    682{txt}){col 67}= {res}      6.33
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0121
{txt}{col 51}R-squared{col 67}= {res}    0.4339
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3978
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0039
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       683{txt}{col 51}Root MSE{col 67}= {res}    0.3860

{txt}{ralign 78:(Std. err. adjusted for {res:683} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       live4{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}co_bt1 {c |}{col 14}{res}{space 2}-.0669779{col 26}{space 2} .0266195{col 37}{space 1}   -2.52{col 46}{space 3}0.012{col 54}{space 4}-.1192439{col 67}{space 3}-.0147119
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  .584042{col 26}{space 2}  .013232{col 37}{space 1}   44.14{col 46}{space 3}0.000{col 54}{space 4} .5580616{col 67}{space 3} .6100224
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      683{col 27}{space 1}      683{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}         cpc{col 14}{c |}{space 1}        8{col 27}{space 1}        0{col 39}{result}{space 1}        8{col 53}{text} {col 54}{c |}
{res}{col 1}{text}  experience{col 14}{c |}{space 1}       35{col 27}{space 1}        1{col 39}{result}{space 1}       34{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table7_5: reghdfe live5 co_bt1 if min~=max & year>=1980 & year<=2015 & inventorlevel ==1, vce(cl firmbankt) a(firmbankt cpc experience)
{res}{txt}(dropped 58 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 10 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    12,089
{txt}Absorbing 3 HDFE groups{col 51}F({res}   1{txt},{res}    682{txt}){col 67}= {res}      3.26
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0716
{txt}{col 51}R-squared{col 67}= {res}    0.4334
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3972
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0020
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       683{txt}{col 51}Root MSE{col 67}= {res}    0.3882

{txt}{ralign 78:(Std. err. adjusted for {res:683} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       live5{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}co_bt1 {c |}{col 14}{res}{space 2}-.0476486{col 26}{space 2} .0264026{col 37}{space 1}   -1.80{col 46}{space 3}0.072{col 54}{space 4}-.0994887{col 67}{space 3} .0041916
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .5214931{col 26}{space 2} .0131242{col 37}{space 1}   39.74{col 46}{space 3}0.000{col 54}{space 4} .4957243{col 67}{space 3} .5472618
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   firmbankt{col 14}{c |}{space 1}      683{col 27}{space 1}      683{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}         cpc{col 14}{c |}{space 1}        8{col 27}{space 1}        0{col 39}{result}{space 1}        8{col 53}{text} {col 54}{c |}
{res}{col 1}{text}  experience{col 14}{c |}{space 1}       35{col 27}{space 1}        1{col 39}{result}{space 1}       34{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. esttab table7_1 table7_2 table7_3 table7_4 table7_5 ///
>         using "$outputfolder/T7.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T7.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T7.csv"'})

{com}. drop _est*
{txt}
{com}. 
. ** Table 8: team productivity, bankruptcy outcomes
. use "$datafolder/main_dataset.dta", clear
{txt}(Patents granted through 2006)

{com}. * outcome liq
. eststo table8_1: reghdfe LNponeInvNewo i.Post##i.outcome_liq c.P_cobt1##i.outcome_liq if chapterPrior ==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3001 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.outcome_liq{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.Post#1bn.outcome_liq{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 17 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: 1.outcome_liq omitted because of collinearity
{txt}note: 1.Post#1.outcome_liq omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   137,551
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    481{txt}){col 67}= {res}     18.85
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4430
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3513
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0004
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    0.4474

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
1.outcome_~q {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
{space 1}outcome_liq {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0398183{col 26}{space 2} .0176615{col 37}{space 1}   -2.25{col 46}{space 3}0.025{col 54}{space 4}-.0745216{col 67}{space 3}-.0051151
{txt}{space 12} {c |}
{space 1}outcome_liq#{c |}
{space 3}c.P_cobt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0459108{col 26}{space 2} .0241827{col 37}{space 1}   -1.90{col 46}{space 3}0.058{col 54}{space 4}-.0934276{col 67}{space 3}  .001606
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .4045341{col 26}{space 2}  .002458{col 37}{space 1}  164.58{col 46}{space 3}0.000{col 54}{space 4} .3997043{col 67}{space 3} .4093638
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    11776{col 29}{space 1}    11776{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7326{col 29}{space 1}     7326{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table8_2: reghdfe LNcpInvNewo i.Post##i.outcome_liq c.P_cobt1##i.outcome_liq if chapterPrior ==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3001 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.outcome_liq{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.Post#1bn.outcome_liq{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 17 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: 1.outcome_liq omitted because of collinearity
{txt}note: 1.Post#1.outcome_liq omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   137,551
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    481{txt}){col 67}= {res}     19.43
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4215
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3263
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0004
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    1.0260

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
1.outcome_~q {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
{space 1}outcome_liq {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2} -.077627{col 26}{space 2}  .051947{col 37}{space 1}   -1.49{col 46}{space 3}0.136{col 54}{space 4}-.1796982{col 67}{space 3} .0244442
{txt}{space 12} {c |}
{space 1}outcome_liq#{c |}
{space 3}c.P_cobt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1245401{col 26}{space 2} .0634067{col 37}{space 1}   -1.96{col 46}{space 3}0.050{col 54}{space 4}-.2491284{col 67}{space 3} .0000482
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .7990407{col 26}{space 2} .0071486{col 37}{space 1}  111.78{col 46}{space 3}0.000{col 54}{space 4} .7849944{col 67}{space 3}  .813087
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    11776{col 29}{space 1}    11776{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7326{col 29}{space 1}     7326{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * outcome indep
. eststo table8_3: reghdfe LNponeInvNewo i.Post##i.outcome_indep c.P_cobt1##i.outcome_indep if chapterPrior ==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3001 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.outcome_indep{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.Post#1bn.outcome_indep{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 17 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: 1.outcome_indep omitted because of collinearity
{txt}note: 1.Post#1.outcome_indep omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   137,551
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    481{txt}){col 67}= {res}      8.82
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0002
{txt}{col 51}R-squared{col 67}= {res}    0.4430
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3513
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0004
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    0.4474

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
1.outcome_~p {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
outcome_in~p {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0702506{col 26}{space 2}  .020207{col 37}{space 1}   -3.48{col 46}{space 3}0.001{col 54}{space 4}-.1099555{col 67}{space 3}-.0305458
{txt}{space 12} {c |}
outcome_in~p#{c |}
{space 3}c.P_cobt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}  .028461{col 26}{space 2}  .029046{col 37}{space 1}    0.98{col 46}{space 3}0.328{col 54}{space 4}-.0286116{col 67}{space 3} .0855337
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .4046469{col 26}{space 2} .0025648{col 37}{space 1}  157.77{col 46}{space 3}0.000{col 54}{space 4} .3996074{col 67}{space 3} .4096864
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    11776{col 29}{space 1}    11776{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7326{col 29}{space 1}     7326{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table8_4: reghdfe LNcpInvNewo i.Post##i.outcome_indep c.P_cobt1##i.outcome_indep if chapterPrior ==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3001 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.outcome_indep{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.Post#1bn.outcome_indep{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 17 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: 1.outcome_indep omitted because of collinearity
{txt}note: 1.Post#1.outcome_indep omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   137,551
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    481{txt}){col 67}= {res}      6.61
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0015
{txt}{col 51}R-squared{col 67}= {res}    0.4215
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3263
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0004
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    1.0260

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
1.outcome_~p {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
outcome_in~p {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.1893913{col 26}{space 2} .0556292{col 37}{space 1}   -3.40{col 46}{space 3}0.001{col 54}{space 4}-.2986976{col 67}{space 3} -.080085
{txt}{space 12} {c |}
outcome_in~p#{c |}
{space 3}c.P_cobt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2} .1254845{col 26}{space 2} .0781967{col 37}{space 1}    1.60{col 46}{space 3}0.109{col 54}{space 4}-.0281648{col 67}{space 3} .2791338
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .7990573{col 26}{space 2} .0071473{col 37}{space 1}  111.80{col 46}{space 3}0.000{col 54}{space 4} .7850134{col 67}{space 3} .8131011
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    11776{col 29}{space 1}    11776{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7326{col 29}{space 1}     7326{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * outcome fbuy
. eststo table8_5: reghdfe LNponeInvNewo i.Post##i.outcome_fbuy c.P_cobt1##i.outcome_fbuy if chapterPrior ==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3001 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.outcome_fbuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.Post#1bn.outcome_fbuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 17 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: 1.outcome_fbuy omitted because of collinearity
{txt}note: 1.Post#1.outcome_fbuy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   137,551
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    481{txt}){col 67}= {res}      8.72
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0002
{txt}{col 51}R-squared{col 67}= {res}    0.4430
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3513
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0004
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    0.4474

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
1.outco~fbuy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
outcome_fbuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0491088{col 26}{space 2}  .016339{col 37}{space 1}   -3.01{col 46}{space 3}0.003{col 54}{space 4}-.0812133{col 67}{space 3}-.0170042
{txt}{space 12} {c |}
outcome_fbuy#{c |}
{space 3}c.P_cobt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0842749{col 26}{space 2} .0506902{col 37}{space 1}   -1.66{col 46}{space 3}0.097{col 54}{space 4}-.1838765{col 67}{space 3} .0153267
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .4047439{col 26}{space 2} .0028614{col 37}{space 1}  141.45{col 46}{space 3}0.000{col 54}{space 4} .3991214{col 67}{space 3} .4103663
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    11776{col 29}{space 1}    11776{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7326{col 29}{space 1}     7326{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table8_6: reghdfe LNcpInvNewo i.Post##i.outcome_fbuy c.P_cobt1##i.outcome_fbuy if chapterPrior ==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3001 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.outcome_fbuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.Post#1bn.outcome_fbuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 17 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: 1.outcome_fbuy omitted because of collinearity
{txt}note: 1.Post#1.outcome_fbuy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   137,551
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    481{txt}){col 67}= {res}      3.72
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0249
{txt}{col 51}R-squared{col 67}= {res}    0.4216
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3264
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    1.0259

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
1.outco~fbuy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
outcome_fbuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0947443{col 26}{space 2} .0430368{col 37}{space 1}   -2.20{col 46}{space 3}0.028{col 54}{space 4}-.1793077{col 67}{space 3}-.0101809
{txt}{space 12} {c |}
outcome_fbuy#{c |}
{space 3}c.P_cobt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.4023567{col 26}{space 2} .3093166{col 37}{space 1}   -1.30{col 46}{space 3}0.194{col 54}{space 4}-1.010135{col 67}{space 3} .2054221
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .7994579{col 26}{space 2} .0078679{col 37}{space 1}  101.61{col 46}{space 3}0.000{col 54}{space 4} .7839982{col 67}{space 3} .8149176
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    11776{col 29}{space 1}    11776{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7326{col 29}{space 1}     7326{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * outcome other buy
. eststo table8_7: reghdfe LNponeInvNewo i.Post##i.outcome_obuy c.P_cobt1##i.outcome_obuy if chapterPrior ==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3001 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.outcome_obuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.Post#1bn.outcome_obuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 17 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: 1.outcome_obuy omitted because of collinearity
{txt}note: 1.Post#1.outcome_obuy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   137,551
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    481{txt}){col 67}= {res}     12.42
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4430
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3514
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    0.4474

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
1.outco~obuy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
outcome_obuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0624173{col 26}{space 2} .0141803{col 37}{space 1}   -4.40{col 46}{space 3}0.000{col 54}{space 4}-.0902802{col 67}{space 3}-.0345544
{txt}{space 12} {c |}
outcome_obuy#{c |}
{space 3}c.P_cobt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2}  .103443{col 26}{space 2} .0243154{col 37}{space 1}    4.25{col 46}{space 3}0.000{col 54}{space 4} .0556655{col 67}{space 3} .1512205
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .4048269{col 26}{space 2} .0024015{col 37}{space 1}  168.57{col 46}{space 3}0.000{col 54}{space 4} .4001081{col 67}{space 3} .4095457
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    11776{col 29}{space 1}    11776{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7326{col 29}{space 1}     7326{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table8_8: reghdfe LNcpInvNewo i.Post##i.outcome_obuy c.P_cobt1##i.outcome_obuy if chapterPrior ==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 3001 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.outcome_obuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}1bn.Post#1bn.outcome_obuy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 17 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: 1.outcome_obuy omitted because of collinearity
{txt}note: 1.Post#1.outcome_obuy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   137,551
{txt}Absorbing 4 HDFE groups{col 51}F({res}   2{txt},{res}    481{txt}){col 67}= {res}      5.44
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0046
{txt}{col 51}R-squared{col 67}= {res}    0.4215
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3263
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0004
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       482{txt}{col 51}Root MSE{col 67}= {res}    1.0260

{txt}{ralign 78:(Std. err. adjusted for {res:482} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
1.outco~obuy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
outcome_obuy {c |}
{space 8}1 1  {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.1310006{col 26}{space 2}  .042073{col 37}{space 1}   -3.11{col 46}{space 3}0.002{col 54}{space 4}-.2136701{col 67}{space 3}-.0483311
{txt}{space 12} {c |}
outcome_obuy#{c |}
{space 3}c.P_cobt1 {c |}
{space 10}1  {c |}{col 14}{res}{space 2} .1932247{col 26}{space 2} .0728133{col 37}{space 1}    2.65{col 46}{space 3}0.008{col 54}{space 4} .0501533{col 67}{space 3} .3362961
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .7998271{col 26}{space 2}  .007053{col 37}{space 1}  113.40{col 46}{space 3}0.000{col 54}{space 4} .7859685{col 67}{space 3} .8136857
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    11776{col 29}{space 1}    11776{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     7326{col 29}{space 1}     7326{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. esttab table8_1 table8_2 table8_3 table8_4 table8_5 table8_6 table8_7 table8_8 ///
>         using "$outputfolder/T8.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T8.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T8.csv"'})

{com}. drop _est*
{txt}
{com}. 
. ** Table 9: noncompete agreements
. * nca_dummy==0 (NCA < 5)
. eststo table9_1: reghdfe LNponeInvNewo Post P_cobt1 if nca_dummy==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 4433 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: Post omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    60,333
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    443{txt}){col 67}= {res}      1.37
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.2418
{txt}{col 51}R-squared{col 67}= {res}    0.4970
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3739
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0001
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       444{txt}{col 51}Root MSE{col 67}= {res}    0.4548

{txt}{ralign 78:(Std. err. adjusted for {res:444} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0275233{col 26}{space 2} .0234827{col 37}{space 1}   -1.17{col 46}{space 3}0.242{col 54}{space 4}-.0736746{col 67}{space 3}  .018628
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  .424168{col 26}{space 2} .0039327{col 37}{space 1}  107.86{col 46}{space 3}0.000{col 54}{space 4} .4164389{col 67}{space 3} .4318971
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}     5093{col 29}{space 1}     5093{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     6445{col 29}{space 1}     6445{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       45{col 29}{space 1}        1{col 41}{result}{space 1}       44{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table9_2: reghdfe LNcpInvNewo Post P_cobt1 if nca_dummy==0 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 4433 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 19 iterations)
{res}{txt}note: Post omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    60,333
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    443{txt}){col 67}= {res}      0.53
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.4658
{txt}{col 51}R-squared{col 67}= {res}    0.4936
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3696
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0000
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       444{txt}{col 51}Root MSE{col 67}= {res}    1.0852

{txt}{ralign 78:(Std. err. adjusted for {res:444} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2} -.039517{col 26}{space 2} .0541377{col 37}{space 1}   -0.73{col 46}{space 3}0.466{col 54}{space 4}-.1459157{col 67}{space 3} .0668817
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .8804028{col 26}{space 2} .0090667{col 37}{space 1}   97.10{col 46}{space 3}0.000{col 54}{space 4} .8625838{col 67}{space 3} .8982218
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}     5093{col 29}{space 1}     5093{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      286{col 29}{space 1}        0{col 41}{result}{space 1}      286{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     6445{col 29}{space 1}     6445{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       45{col 29}{space 1}        1{col 41}{result}{space 1}       44{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * nca_dummy == 1 (NCA > 4)
. eststo table9_3: reghdfe LNponeInvNewo Post P_cobt1 if nca_dummy==1 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 4755 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    90,559
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    377{txt}){col 67}= {res}     43.12
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4306
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3304
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0008
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       378{txt}{col 51}Root MSE{col 67}= {res}    0.4354

{txt}{ralign 78:(Std. err. adjusted for {res:378} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0742882{col 26}{space 2} .0113129{col 37}{space 1}   -6.57{col 46}{space 3}0.000{col 54}{space 4}-.0965326{col 67}{space 3}-.0520439
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .3855677{col 26}{space 2} .0020737{col 37}{space 1}  185.93{col 46}{space 3}0.000{col 54}{space 4} .3814903{col 67}{space 3} .3896452
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}     7739{col 29}{space 1}     7739{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      282{col 29}{space 1}        0{col 41}{result}{space 1}      282{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     5480{col 29}{space 1}     5480{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table9_4: reghdfe LNcpInvNewo Post P_cobt1 if nca_dummy==1 & year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 4755 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: Post omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    90,559
{txt}Absorbing 4 HDFE groups{col 51}F({res}   1{txt},{res}    377{txt}){col 67}= {res}     20.86
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4243
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3230
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0007
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       378{txt}{col 51}Root MSE{col 67}= {res}    1.0112

{txt}{ralign 78:(Std. err. adjusted for {res:378} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.1679091{col 26}{space 2} .0367668{col 37}{space 1}   -4.57{col 46}{space 3}0.000{col 54}{space 4}-.2402028{col 67}{space 3}-.0956153
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .7955573{col 26}{space 2} .0067395{col 37}{space 1}  118.04{col 46}{space 3}0.000{col 54}{space 4} .7823057{col 67}{space 3}  .808809
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}     7739{col 29}{space 1}     7739{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      282{col 29}{space 1}        0{col 41}{result}{space 1}      282{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}     5480{col 29}{space 1}     5480{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. * interact with nca_dummy
. eststo table9_5: reghdfe LNponeInvNewo i.Post##c.nca_dummy c.P_cobt1##c.nca_dummy if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6244 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}nca_dummy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}nca_dummy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: nca_dummy omitted because of collinearity
{txt}note: nca_dummy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   153,836
{txt}Absorbing 4 HDFE groups{col 51}F({res}   3{txt},{res}    681{txt}){col 67}= {res}     11.09
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4495
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3499
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       682{txt}{col 51}Root MSE{col 67}= {res}    0.4430

{txt}{ralign 78:(Std. err. adjusted for {res:682} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}LNponeInvN~o{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 3}nca_dummy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
{space 1}c.nca_dummy {c |}
{space 10}1  {c |}{col 14}{res}{space 2} .0527898{col 26}{space 2} .0213305{col 37}{space 1}    2.47{col 46}{space 3}0.014{col 54}{space 4} .0109083{col 67}{space 3} .0946713
{txt}{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0199313{col 26}{space 2} .0250722{col 37}{space 1}   -0.79{col 46}{space 3}0.427{col 54}{space 4}-.0691594{col 67}{space 3} .0292967
{txt}{space 3}nca_dummy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 3}c.P_cobt1#{c |}
{space 1}c.nca_dummy {c |}{col 14}{res}{space 2}-.0438259{col 26}{space 2} .0225693{col 37}{space 1}   -1.94{col 46}{space 3}0.053{col 54}{space 4}-.0881396{col 67}{space 3} .0004879
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .3868347{col 26}{space 2} .0044726{col 37}{space 1}   86.49{col 46}{space 3}0.000{col 54}{space 4} .3780529{col 67}{space 3} .3956164
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13008{col 29}{space 1}    13008{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10215{col 29}{space 1}    10215{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. eststo table9_6: reghdfe LNcpInvNewo i.Post##c.nca_dummy c.P_cobt1##c.nca_dummy if year>=1980 & year<=2015 & t1010==1, absorb(inventor techyear firmbanktyear actYrRoll) vce(cl firmbankt) 
{res}{txt}(dropped 6244 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}note: {res}1bn.Post{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}nca_dummy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}note: {res}nca_dummy{txt} is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 18 iterations)
{res}{txt}note: 1.Post omitted because of collinearity
{txt}note: nca_dummy omitted because of collinearity
{txt}note: nca_dummy omitted because of collinearity
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   153,836
{txt}Absorbing 4 HDFE groups{col 51}F({res}   3{txt},{res}    681{txt}){col 67}= {res}      7.30
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0001
{txt}{col 51}R-squared{col 67}= {res}    0.4430
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3422
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}firmbankt{txt}) {col 30}= {res}       682{txt}{col 51}Root MSE{col 67}= {res}    1.0450

{txt}{ralign 78:(Std. err. adjusted for {res:682} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} LNcpInvNewo{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}1.Post {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 3}nca_dummy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 8}Post#{c |}
{space 1}c.nca_dummy {c |}
{space 10}1  {c |}{col 14}{res}{space 2} .1280642{col 26}{space 2} .0505919{col 37}{space 1}    2.53{col 46}{space 3}0.012{col 54}{space 4} .0287294{col 67}{space 3}  .227399
{txt}{space 12} {c |}
{space 5}P_cobt1 {c |}{col 14}{res}{space 2}-.0261269{col 26}{space 2} .0548123{col 37}{space 1}   -0.48{col 46}{space 3}0.634{col 54}{space 4}-.1337484{col 67}{space 3} .0814946
{txt}{space 3}nca_dummy {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 12} {c |}
{space 3}c.P_cobt1#{c |}
{space 1}c.nca_dummy {c |}{col 14}{res}{space 2}-.1279287{col 26}{space 2} .0495393{col 37}{space 1}   -2.58{col 46}{space 3}0.010{col 54}{space 4}-.2251968{col 67}{space 3}-.0306605
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} .7987362{col 26}{space 2} .0105994{col 37}{space 1}   75.36{col 46}{space 3}0.000{col 54}{space 4} .7779248{col 67}{space 3} .8195476
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 15}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}   Absorbed FE{col 16}{c |} Categories{col 29} - Redundant{col 41}  = Num. Coefs{col 56}{c |}
{res}{col 1}{text}{hline 15}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}      inventor{col 16}{c |}{space 1}    13008{col 29}{space 1}    13008{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}      techyear{col 16}{c |}{space 1}      288{col 29}{space 1}        0{col 41}{result}{space 1}      288{col 55}{text} {col 56}{c |}
{res}{col 1}{text} firmbanktyear{col 16}{c |}{space 1}    10215{col 29}{space 1}    10215{col 41}{result}{space 1}        0{col 55}{text}*{col 56}{c |}
{res}{col 1}{text}     actYrRoll{col 16}{c |}{space 1}       51{col 29}{space 1}        1{col 41}{result}{space 1}       50{col 55}{text} {col 56}{c |}
{res}{col 1}{text}{hline 15}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. esttab table9_1 table9_2 table9_3 table9_4 table9_5 table9_6 ///
>         using "$outputfolder/T9.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T9.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T9.csv"'})

{com}. drop _est*
{txt}
{com}. 
. ** Table 10: teams and joint mobility
. use "$datafolder/table10_data.dta", clear
{txt}(Patents granted through 2006)

{com}. * summary stats for Table 1, Panel C
. eststo table10_1: reg moveTgt paircoT1,  vce(cl firmbankt)

{txt}Linear regression                               Number of obs     = {res} 2,155,490
                                                {txt}F(1, 597)         =  {res}    50.12
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0113
                                                {txt}Root MSE          =    {res}  .0976

{txt}{ralign 78:(Std. err. adjusted for {res:598} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     moveTgt{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}paircoT1 {c |}{col 14}{res}{space 2} .4835569{col 26}{space 2} .0683066{col 37}{space 1}    7.08{col 46}{space 3}0.000{col 54}{space 4} .3494066{col 67}{space 3} .6177073
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0092234{col 26}{space 2} .0056973{col 37}{space 1}    1.62{col 46}{space 3}0.106{col 54}{space 4}-.0019657{col 67}{space 3} .0204125
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. labsumm moveTgt paircoT1 citmean nca_dummy outcome_obuy outcome_liq if e(sample)
{txt}                      Variable |   Obs      Mean  Std. Dev.      Min       Max
-------------------------------+----------------------------------------------
                 Move together |{res}2155490   .009729   .098155         0         1
            {txt}Pair co-dependence |{res}2155490   .001046   .021578         0         1
        {txt}Pair average citations |{res}2155490   .141287   4.01714         0       891
        {txt}Strong NCA enforcement |{res}2154562   .923382   .265985         0         1
{txt}Acquisition by strategic buyer |{res}2145461    .01092   .103926         0         1
                   {txt}Liquidation |{res}2145461   .629623   .482906         0         1
{txt}
{com}. * regressions for Table 10
. eststo table10_2: reg moveTgt paircoT1 nca_dummy,  vce(cl firmbankt)

{txt}Linear regression                               Number of obs     = {res} 2,154,562
                                                {txt}F(2, 569)         =  {res}    23.63
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0184
                                                {txt}Root MSE          =    {res} .09723

{txt}{ralign 78:(Std. err. adjusted for {res:570} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     moveTgt{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}paircoT1 {c |}{col 14}{res}{space 2} .4709958{col 26}{space 2} .0694135{col 37}{space 1}    6.79{col 46}{space 3}0.000{col 54}{space 4} .3346579{col 67}{space 3} .6073338
{txt}{space 3}nca_dummy {c |}{col 14}{res}{space 2}-.0311004{col 26}{space 2} .0146978{col 37}{space 1}   -2.12{col 46}{space 3}0.035{col 54}{space 4} -.059969{col 67}{space 3}-.0022318
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  .037963{col 26}{space 2} .0155818{col 37}{space 1}    2.44{col 46}{space 3}0.015{col 54}{space 4}  .007358{col 67}{space 3}  .068568
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. eststo table10_3: reg moveTgt paircoT1 nca_dummy outcome_obuy,  vce(cl firmbankt)

{txt}Linear regression                               Number of obs     = {res} 2,144,729
                                                {txt}F(3, 400)         =  {res}    20.29
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0180
                                                {txt}Root MSE          =    {res} .09547

{txt}{ralign 78:(Std. err. adjusted for {res:401} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     moveTgt{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}paircoT1 {c |}{col 14}{res}{space 2} .4504995{col 26}{space 2} .0798764{col 37}{space 1}    5.64{col 46}{space 3}0.000{col 54}{space 4} .2934696{col 67}{space 3} .6075295
{txt}{space 3}nca_dummy {c |}{col 14}{res}{space 2} -.030164{col 26}{space 2} .0148072{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.0592737{col 67}{space 3}-.0010543
{txt}outcome_obuy {c |}{col 14}{res}{space 2}  .037488{col 26}{space 2} .0113378{col 37}{space 1}    3.31{col 46}{space 3}0.001{col 54}{space 4} .0151989{col 67}{space 3} .0597771
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0364332{col 26}{space 2} .0155892{col 37}{space 1}    2.34{col 46}{space 3}0.020{col 54}{space 4} .0057862{col 67}{space 3} .0670803
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. eststo table10_4: reg moveTgt paircoT1 nca_dummy outcome_obuy outcome_liq,  vce(cl firmbankt)

{txt}Linear regression                               Number of obs     = {res} 2,144,729
                                                {txt}F(4, 400)         =  {res}    16.45
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0246
                                                {txt}Root MSE          =    {res} .09515

{txt}{ralign 78:(Std. err. adjusted for {res:401} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     moveTgt{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}paircoT1 {c |}{col 14}{res}{space 2} .4453083{col 26}{space 2} .0820866{col 37}{space 1}    5.42{col 46}{space 3}0.000{col 54}{space 4} .2839333{col 67}{space 3} .6066834
{txt}{space 3}nca_dummy {c |}{col 14}{res}{space 2} -.022918{col 26}{space 2} .0148495{col 37}{space 1}   -1.54{col 46}{space 3}0.124{col 54}{space 4}-.0521107{col 67}{space 3} .0062748
{txt}outcome_obuy {c |}{col 14}{res}{space 2} .0270199{col 26}{space 2} .0118524{col 37}{space 1}    2.28{col 46}{space 3}0.023{col 54}{space 4}  .003719{col 67}{space 3} .0503208
{txt}{space 1}outcome_liq {c |}{col 14}{res}{space 2} -.016921{col 26}{space 2} .0067436{col 37}{space 1}   -2.51{col 46}{space 3}0.012{col 54}{space 4}-.0301785{col 67}{space 3}-.0036636
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0405122{col 26}{space 2} .0158507{col 37}{space 1}    2.56{col 46}{space 3}0.011{col 54}{space 4} .0093511{col 67}{space 3} .0716733
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. eststo table10_5: reg moveTgt citmean,  vce(cl firmbankt)

{txt}Linear regression                               Number of obs     = {res} 2,155,490
                                                {txt}F(1, 597)         =  {res}    55.46
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0081
                                                {txt}Root MSE          =    {res} .09776

{txt}{ralign 78:(Std. err. adjusted for {res:598} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     moveTgt{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}citmean {c |}{col 14}{res}{space 2} .0021964{col 26}{space 2} .0002949{col 37}{space 1}    7.45{col 46}{space 3}0.000{col 54}{space 4} .0016172{col 67}{space 3} .0027756
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0094188{col 26}{space 2} .0058041{col 37}{space 1}    1.62{col 46}{space 3}0.105{col 54}{space 4}-.0019802{col 67}{space 3} .0208177
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. eststo table10_6: reg moveTgt citmean nca_dummy,  vce(cl firmbankt)

{txt}Linear regression                               Number of obs     = {res} 2,154,562
                                                {txt}F(2, 569)         =  {res}    28.66
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0153
                                                {txt}Root MSE          =    {res} .09738

{txt}{ralign 78:(Std. err. adjusted for {res:570} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     moveTgt{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}citmean {c |}{col 14}{res}{space 2}  .002093{col 26}{space 2} .0002885{col 37}{space 1}    7.25{col 46}{space 3}0.000{col 54}{space 4} .0015264{col 67}{space 3} .0026597
{txt}{space 3}nca_dummy {c |}{col 14}{res}{space 2}-.0313399{col 26}{space 2} .0148019{col 37}{space 1}   -2.12{col 46}{space 3}0.035{col 54}{space 4} -.060413{col 67}{space 3}-.0022668
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0383701{col 26}{space 2} .0157474{col 37}{space 1}    2.44{col 46}{space 3}0.015{col 54}{space 4}   .00744{col 67}{space 3} .0693002
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. eststo table10_7: reg moveTgt citmean nca_dummy outcome_obuy,  vce(cl firmbankt)

{txt}Linear regression                               Number of obs     = {res} 2,144,729
                                                {txt}F(3, 400)         =  {res}    17.85
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0150
                                                {txt}Root MSE          =    {res} .09562

{txt}{ralign 78:(Std. err. adjusted for {res:401} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     moveTgt{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}citmean {c |}{col 14}{res}{space 2} .0020252{col 26}{space 2} .0003578{col 37}{space 1}    5.66{col 46}{space 3}0.000{col 54}{space 4} .0013218{col 67}{space 3} .0027285
{txt}{space 3}nca_dummy {c |}{col 14}{res}{space 2}-.0304317{col 26}{space 2} .0149097{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.0597428{col 67}{space 3}-.0011206
{txt}outcome_obuy {c |}{col 14}{res}{space 2} .0388934{col 26}{space 2}  .010846{col 37}{space 1}    3.59{col 46}{space 3}0.000{col 54}{space 4} .0175711{col 67}{space 3} .0602157
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0368326{col 26}{space 2} .0157437{col 37}{space 1}    2.34{col 46}{space 3}0.020{col 54}{space 4} .0058819{col 67}{space 3} .0677833
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. eststo table10_8: reg moveTgt citmean nca_dummy outcome_obuy outcome_liq,  vce(cl firmbankt)

{txt}Linear regression                               Number of obs     = {res} 2,144,729
                                                {txt}F(4, 400)         =  {res}    16.90
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0218
                                                {txt}Root MSE          =    {res} .09529

{txt}{ralign 78:(Std. err. adjusted for {res:401} clusters in {res:firmbankt})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     moveTgt{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}citmean {c |}{col 14}{res}{space 2} .0020148{col 26}{space 2} .0003576{col 37}{space 1}    5.63{col 46}{space 3}0.000{col 54}{space 4} .0013118{col 67}{space 3} .0027179
{txt}{space 3}nca_dummy {c |}{col 14}{res}{space 2}-.0230998{col 26}{space 2} .0149596{col 37}{space 1}   -1.54{col 46}{space 3}0.123{col 54}{space 4} -.052509{col 67}{space 3} .0063094
{txt}outcome_obuy {c |}{col 14}{res}{space 2} .0282944{col 26}{space 2} .0115698{col 37}{space 1}    2.45{col 46}{space 3}0.015{col 54}{space 4} .0055492{col 67}{space 3} .0510396
{txt}{space 1}outcome_liq {c |}{col 14}{res}{space 2} -.017095{col 26}{space 2} .0068407{col 37}{space 1}   -2.50{col 46}{space 3}0.013{col 54}{space 4}-.0305431{col 67}{space 3}-.0036468
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0409398{col 26}{space 2} .0159987{col 37}{space 1}    2.56{col 46}{space 3}0.011{col 54}{space 4} .0094877{col 67}{space 3} .0723919
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. esttab table10_1 table10_2 table10_3 table10_4 table10_5 table10_6 table10_7 table10_8 ///
>         using "$outputfolder/T10.csv", ///
>         replace label b(3) se(3) star(* 0.10 ** 0.05 *** 0.01) ///
>         stats(r2_a N, fmt(%3s %3s %3s %3s 3 %20.0fc)) ///
>         nogaps nolegend nonotes mlabel()
{res}{txt}{p 0 4 2}
(file {bf}
/Users/raminbaghai/Desktop/RFS dataverse/output/T10.csv{rm}
not found)
{p_end}
(output written to {browse  `"/Users/raminbaghai/Desktop/RFS dataverse/output/T10.csv"'})

{com}. drop _est*
{txt}
{com}. 
. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}/Users/raminbaghai/Desktop/RFS dataverse/output/log_teams.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}21 Feb 2024, 11:52:32
{txt}{.-}
{smcl}
{txt}{sf}{ul off}